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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Supreme Court: Auditors Must Report Fraud Over Rs. 1 Crore, Resignation Doesn't Exempt Duty Under Companies Act, 2013 & Rule 13.</h1> The National Financial Reporting Authority (NFRA) emphasizes statutory auditors' obligations to report fraud under the Companies Act, 2013. Auditors must report suspected fraud involving amounts of one crore rupees or more to the Central Government and the Board/Audit Committee. Rule 13 of the Companies (Audit and Auditors) Rules 2014 outlines the reporting procedure. Auditors cannot avoid these obligations by resigning. The Supreme Court clarified that resignation does not exempt auditors from reporting duties. Auditors must maintain professional skepticism and submit Form ADT-4 to the government, regardless of being the first to identify the fraud.
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