Guidance notes issued on fraud reporting and bank audit

Guidance note on fraud reporting

The Institute of Chartered Accountants of India (ICAI) has issued guidance note on fraud reporting under section 143(12) of the Companies Act, 2013. It provides guidance on how an auditor of a company can fulfill requirements of the aforesaid section. It clarifies that provisions of Section 143(12) apply to the auditor only when he is the first person to identify the instances of fraud during performance of his duties as an auditor. The auditor should report any fraud under section 143(12) even if the same is required to be/has been reported under any other statute or to any other regulator.
The steps to be followed for reporting the suspected fraud to the Central Government are also given in the guidance note.

Access the following link for more details: https://accountsandaudit.taxmann.com/topstories/222330000000007044/guidance-note-issued-on-fraud-reporting-us-14312-of-companies-act.aspx

Guidance note on bank audits

Apart from guidance note on fraud reporting u/s 143(12) of the Companies Act, 2013, ICAI has also issued guidance note on audits of banks. The guidance note provides guidance on accounting and auditing framework for the form and contents of bank's financial statements, auditing aspects related to each item of financial statements, guidance on internal controls, risk management process and other processes of the banks.

Access the following link for more details:

https://accountsandaudit.taxmann.com//topstories/222330000000007045/updated-guidance-note-issued-for-bank-audits.aspx