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Published in:

Volume 5 Issue 12
December-2018
eISSN: 2349-5162

Unique Identifier

JETIR1812A63

Page Number

465-470

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Title

Corporate Frauds and their Reporting Under the Companies Act 2013

ISSN

2349-5162

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"Corporate Frauds and their Reporting Under the Companies Act 2013", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 12, page no.465-470, December-2018, Available :http://www.jetir.org/papers/JETIR1812A63.pdf

Authors

Abstract

India is a land of diversity where people forget scandals as quickly as sorrows. Along the lines of its growth the novel ways of committing frauds are also growing. Each and every corporates of our country are subject to fraud risks. The Companies Act 2013 focuses on the issues related to corporate frauds. There are so many activities that attract punishment for fraud. As most of the corporate frauds are perpetrated by people inside the organization, the stringent provisions of the new Act regarding reporting of fraud and punishment for such frauds will help in minimizing fraud committed by people inside the organization. Under the Companies Act 1956 there was no compulsion to report fraud by auditors. But under the Companies Act 2013 an auditor is to report fraud against the company by its officers or employees. The SFIO is vested with the requisite legal authority to conduct investigation under section 212. Now it also holds the power to arrest. Nowadays fraudsters use new technologies to perpetrate fraud. So the corporates need to think proactively and strengthen their internal control system. They must have proper fraud risk management policy. They should leverage technology in fighting against fraud. The general decline in ethical values is certainly one of the main reasons behind fraud. We should come forward to curb such decline in ethical values and play a vital role in this respect.

Key Words

Companies Act 2013, Fraud, SFIO

Cite This Article

"Corporate Frauds and their Reporting Under the Companies Act 2013", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 12, page no. pp465-470, December-2018, Available at : http://www.jetir.org/papers/JETIR1812A63.pdf

Publication Details

Published Paper ID: JETIR1812A63
Registration ID: 194350
Published In: Volume 5 | Issue 12 | Year December-2018
DOI (Digital Object Identifier): http://doi.one/10.1729/Journal.19260
Page No: 465-470
ISSN Number: 2349-5162

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Cite This Article

"Corporate Frauds and their Reporting Under the Companies Act 2013", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 12, page no. pp465-470, December-2018, Available at : http://www.jetir.org/papers/JETIR1812A63.pdf




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