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of <h1>Company audit powers and reporting duties: continuous access to records, CAG oversight for government companies, mandatory fraud reporting.</h1> Confers on every company auditor a continuous right of access to books, vouchers and related records (including, for a holding company auditor, relevant records of subsidiaries and associate companies for consolidation) and power to seek information and explanations and inquire into specified transactions and accounting treatments, enabling effective audit verification. Mandates an auditor's report to members on examined accounts and required financial statements, requiring 'true and fair view' reporting and specified disclosures, with reasons for any negative/qualified responses, thereby standardising audit reporting content and accountability. Prescribes special audit oversight for Government-owned/controlled companies through CAG appointment/directions, supplementary and test audits, and circulation of CAG comments, thereby adding external audit scrutiny. Regulates branch audits and adoption/prescription of auditing standards, and requires fraud reporting to the Central Government or audit committee/Board with disclosure obligations and penalties for non-compliance, thereby strengthening audit governance and fraud detection.
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