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SHORT ANSWER: Auditors have specific reporting obligations under the Companies Act, 2013 for private entities and the Comptroller and Auditor General of India (CAG) Act for public servants. DETAILS: - Under the Companies Act, 2013, auditors must report on the financial statements and any irregularities found in private companies. - For public servants, the CAG Act mandates auditors to report on the accounts of government entities and public sector undertakings, focusing on compliance with laws and regulations. PUNISHMENT / IMPLICATIONS (if applicable): - Non-compliance with reporting obligations can lead to penalties under the Companies Act for private entities and disciplinary actions under the CAG Act for public servants. SOURCE: - Companies Act, 2013 / Comptroller and Auditor General of India Act, 1971
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