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      Question

      Auditor identifies fraud of ₹1.5 crore in a

      state-sponsored pension product. What action as per Companies Act/SA?
      A Report to management only Correct Answer Incorrect Answer
      B Report to Audit Committee and Central Govt Correct Answer Incorrect Answer
      C Report to SEBI Correct Answer Incorrect Answer
      D Qualified opinion Correct Answer Incorrect Answer
      E Use for insurance claim only Correct Answer Incorrect Answer

      Solution

      Under SA 240 and Companies Act, fraud ≥ ₹1 crore must be reported to Audit Committee and Central Government promptly.

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