The Moving Goalpost For Fraud Reporting By Auditors
Changing Expectations: NFRA Circular Mandates Auditors to Report Fraud Incidents
ADVERTISEMENT
The Moving Goalpost For Fraud Reporting By Auditors
04 Nov 2024, 08:57 PM IST
The NFRA's ruling against Coffee Day Enterprises Ltd.'s auditors highlights the heightened responsibilities placed on auditors in detecting and reporting fraud incidents under the new guidance. (Image by from
Traditionally, the expectation from an auditor has been to comment if the financial statements of a company presented a true and fair view of its financial position and not necessarily to detect fraud. The Guidance Note on the Companies (Auditors Report) Order reinforced this expectation and clarified the role of the auditors to report frauds ‘noticed or reported’ during the course of the audit; however, it did not require auditors t...
ADVERTISEMENT
Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.