Auditors
need to review steps taken by companies to deal with suspected frauds
worth Rs 1 crore or more that have already been reported and satisfy
themselves that the matter has been appropriately addressed, according
to chartered accountants' apex body ICAI.
The latest guidance
from the ICAI comes against the backdrop of auditors now being required
to report suspected corporate frauds of Rs 1 crore and above to the
central government.
The Institute of Chartered Accountants ..