Companies (Audit and Auditors) Amendment Rules, 2015
Central Government has amended Companies (Audit and Auditors) Rules, 2014 via notification dated 14 th December, 2015 and has substituted rule13 by the following: “13. Reporting of frauds by auditor and other matters: (1) If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government. (2) The auditor shall report the matter to the Central Government as under:- (a) the auditor shall report the matter to the Board or the Audit Committee, as the case may be, immediately but not later than two days of his knowledge of the fraud, seeking their reply or observations within forty-five days; (b) on receipt of such reply or observations...