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MCA to notify rules for flagging corporate frauds by this month end.

ID-100297156

In order to avoid Satyam like accounting scams, MCA is likely to notify the rules & thresholds for flagging corporate frauds by the end of this month, on the lines of the suggestions received by it from the Institute of Chartered Accountants of India (ICAI).

Auditors shall now be required to alarm the Government & the Board of the Company, in case they come across  Fraud involving 1 Crore rupees or 10% of the Turnover of the Company.

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