<h1>Company Directors Need ID Verification; Offices Require Physical Checks; Auditors Must Report Fraud Under Companies Act.</h1> The Companies Act mandates that only individuals with a Director Identification Number, verified by ID and address proof, can serve as directors. It requires physical verification of registered office addresses by professionals, with changes reported to the Registrar of Companies. Company accounts must adhere to Accounting Standards and be audited externally, with auditors reporting significant fraud to the Central Government. Strict penalties exist for fraud, ensuring traceability of directors and comprehensive financial reporting. This was stated by the Minister of Corporate Affairs in a written response to a question in the Lok Sabha.