Review steps taken by cos to address frauds: ICAI to auditors

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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  ..

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