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Sebi comes out with procedure, formats for limited review, audit reports

twitter-logo PTI        Last Updated: March 29, 2019  | 18:11 IST

New Delhi, Mar 29 (PTI) Sebi Friday came out with procedure and formats to be followed for limited review and audit report of listed entities. This would be also applicable for entities whose accounts are to be consolidated with the listed entity. The markets watchdog had decided to amendments in regulations for group audit after taking into consideration recommendations made by Uday Kotak-led panel on corporate governance. A new sub-regulation has been inserted in LODR (Listing Obligation and Disclosures Requirements) norms. It requires the statutory auditor of a listed entity to undertake a limited review of the audit of all the entities/ companies whose accounts are to be consolidated with the listed entity as per AS (Accounting Standard) 21. This has to be done in accordance with guidelines issued by the board. On Friday, Sebi issued a new format for limited review reports and audit reports. The new provision would come into effect from April 1, 2019, Sebi said in a circular. Insurance companies would follow formats as prescribed by insurance sector regulator IRDA, as per the circular. The new formats would be applicable for all listed entities whose equity shares and convertible securities are listed on a recognised stock exchange and the statutory auditors of such entities. It would also have to be followed by all entities whose accounts are to be consolidated with the listed entity and the statutory auditors of entities whose accounts are to be consolidated with the listed entity. The Institute of Chartered Accountants of India (ICAI) may consider issuing necessary guidance to Chartered Accountants ensure compliance with the circular, Sebi said. PTI SRS RAM RAM

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