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SA 240

If fraud value less than 1 crore does auditor need to report Central govt sir


M.V. Naresh

M.V. Naresh

CA Inter

2K+

02-Feb-21 19:30

49

Answers (2)

Not need.In this case Auditor need to report to Audit Committee (or) BOD within 2 days.


Madhaan S

Madhaan S

CA Inter

9K+

03-Feb-21 20:56

In case of a fraud involving less than Rs.1 crore, the auditor shall report the matter to Audit Committee or to the Board immediately but not later than two days of his knowledge of the fraud and he shall report the matter specifying the following:- (a) Nature of Fraud with description (b) Approximate amount involved and (c) Parties involved.


Madhuri Veluri

Madhuri Veluri

Moderator

04-Feb-21 10:22