New whistleblowing law: CAs scramble to figure NOCLAR as deadline nears

The burden will be on individual accountants to report violations from April 2022

Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work.

There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.

This would require accountants to report on matters including fraud, corruption, bribery, money laundering, environmental protection as well as public health and safety. They are required to report the matter to the appropriate authority or potentially