Auditor reporting obligations require notification to government for prescribed-threshold frauds; lesser frauds go to audit committee or Board. Amendment requires that when an auditor believes a fraud meeting the prescribed monetary threshold has occurred or is occurring by company officers or employees, the auditor shall report the matter to the Central Government within the time and manner prescribed; for frauds below that threshold the auditor must report to the audit committee or the Board within the prescribed time and manner, and companies whose auditors have reported such lesser frauds to the audit committee or Board but not to the Central Government must disclose those frauds in the Board's report as prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Auditor reporting obligations require notification to government for prescribed-threshold frauds; lesser frauds go to audit committee or Board.
Amendment requires that when an auditor believes a fraud meeting the prescribed monetary threshold has occurred or is occurring by company officers or employees, the auditor shall report the matter to the Central Government within the time and manner prescribed; for frauds below that threshold the auditor must report to the audit committee or the Board within the prescribed time and manner, and companies whose auditors have reported such lesser frauds to the audit committee or Board but not to the Central Government must disclose those frauds in the Board's report as prescribed.
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