Ch 3 · Audit + Internal Control + Risk

⭐ Important points (exam-critical)

• ⭐Material weakness in IFC mandates qualification of opinion on IFC (separate from FS opinion).
• ⭐Sec 143(12) fraud reporting threshold: ≥ ₹1 cr to CG, < ₹1 cr to audit committee.
• ⭐BRSR Core (top 1000 listed) — assurance by FY 2023-24 onwards.
• ⭐Money laundering — auditor's responsibility under PMLA reporting (suspicious transactions).