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By Jaclyn Jaeger2021-02-03T21:41:00+00:00
The last few months have brought developments on the anti-corruption front in some of the world’s largest and most corrupt regions, making it a good time for multinational companies to refresh their global anti-corruption compliance program.
In a recent Webcast, a panel of anti-corruption experts with law firm Gibson Dunn shared some insights into these developments. Specific regions discussed included China, India, Latin America, and Africa.
China
On Dec. 26, 2020, the National People’s Congress of China amended the country’s criminal law by, among other things, significantly increasing the sentencing of private individuals (referred to as “non-state functionaries”) who are convicted of corruption, including taking or offering bribes and embezzling company assets. Unlike “state functionaries” under Chinese law, non-state functionaries generally, low- or mid-level employees of government agencies, state-owned enterprises, an
Implementation of CARO order deferred by one year: MCA
arlier, CARO 2020 was to come into force from financial year starting on or after April 1, 2020. December 21, 2020 5:59:59 am
The CARO requires companies to comply with stricter disclosure requirements on various issues, including whistle blower complaints and default in repayment of borrowings.
The government has deferred implementation of the strict disclosure requirements for auditor reports of companies by one year, a move that comes amid the disruptions caused by the coronaviruspandemic.
Now, the Companies (Auditor’s Report) Order, 2020 would come into effect from financial years commencing on or after April 1, 2021, according to a notification issued by the Ministry of Corporate Affairs (MCA). It is implementing the companies law.
The government has deferred implementation of the strict disclosure requirements for auditor reports of companies by one year, a move that comes amid the disruptions caused by the coronavirus pandemic. Now, the Companies (Auditor s Report) Order, 2020 would come into effect from financial years commencing on or after April 1, 2021, according to a notification issued by the corporate affairs ministry. The ministry is implementing the companies law. Sanjeev Singhal, Partner at S R Batliboi and Co LLP, said the coronavirus pandemic has caused significant disruptions forcing the companies to focus on ensuring business continuity. Deferral of CARO 2020 by one year will give the much-needed relief to companies and they will be able to use the additional time to prioritise allocation of resources and better prepare for the enhanced requirements. It will be equally helpful for the auditors as well, Singhal said.