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SHORT ANSWER: The penalties and liabilities for auditors reporting fraudulent activities differ based on the governing laws for public departments and private organizations. DETAILS: - Public departments are governed by the Comptroller and Auditor General of India (CAG) and relevant government rules, while private organizations follow the Companies Act, 2013. - Auditors in public departments may face disciplinary actions from the CAG, while private auditors can face penalties under the Companies Act for negligence or failure to report fraud. PUNISHMENT / IMPLICATIONS (if applicable): - Public auditors may face suspension or removal from service. - Private auditors may face fines, imprisonment, or disqualification from practice. SOURCE: - Comptroller and Auditor General of India Act, 1971; Companies Act, 2013.
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