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        Corp. Laws, SEBI & IBC

        Norms of Corporate Fraud Reporting

        December 19, 2014

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        Section 143 of Companies Act, 2013 read with Rule 13 of Companies (Audit and Auditors) Rules, 2014 mandates that if an auditor of a company, in the course of performance of his duties as an auditor, encounters an offence involving frauds committed by officers or employees of a company against such company he should immediately report it to the Central Government.

        In view of representations received from stakeholders, an amendment of Section 143 of Companies Act, 2013 is included in the Companies (Amendment) Bill, 2014 passed by the Lok Sabha on 17.12.2014. The amendment proposes to enable prescription or thresholds beyond which fraud shall be reported to the Central Government. Below such threshold, it will be reported to the Audit committee.

        This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

        Fraud reporting thresholds: auditors must report frauds above prescribed threshold to Central Government, lesser frauds to audit committee. Amendment substitutes sub-section (12) of section 143 to require auditors to report frauds above a prescribed monetary threshold to the Central Government, while frauds below that threshold are to be reported to the Audit Committee or the Board in the prescribed manner, and companies whose auditors report frauds to the Audit Committee or Board but not to the Central Government must disclose details of such 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.

                                Fraud reporting thresholds: auditors must report frauds above prescribed threshold to Central Government, lesser frauds to audit committee.

                                Amendment substitutes sub-section (12) of section 143 to require auditors to report frauds above a prescribed monetary threshold to the Central Government, while frauds below that threshold are to be reported to the Audit Committee or the Board in the prescribed manner, and companies whose auditors report frauds to the Audit Committee or Board but not to the Central Government must disclose details of such frauds in the Board's report as prescribed.


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