The weekly messenger | Edition 03.23
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Auditing news
Technical Guide on Digital Assurance – 14 January 2023
The Auditing and Assurance Standard Board (AASB) and the Digital Accounting and Assurance Board (DAAB) of the Institute of Chartered Accountants of India (ICAI) have jointly brought out the ‘Technical Guide on Digital Assurance’. This Guide will help the members to adopt enhanced use of technology in audit by implementing the use of digitally available audit evidence and information. It also provides awareness to the members about the online sources of audit evidence and explains them through various illustrations as to how to put them to better use while conducting audit.
For more information, click here.
ICAI issues Social Audit Standards – 14 January 2023
The ICAI has issued the final set of its 16 ‘Social Audit Standards’. These standards would be applicable for the social audits of social enterprises listed on social stock exchanges.
These Social Audit Standards will be applicable from 14 January 2023.
For more information, click here.
Regulatory news
Clarification of passing of Ordinary and Special resolutions by the companies under the Companies Act ,2013 read with rules with thereunder on account of COVID-19 – 28 December 2022
Due to COVID -19, the Ministry of Corporate Affairs (MCA) had issued two Circulars in the month of April 2020, wherein it had issued certain clarifications on passing of ordinary and special resolutions by companies by holding Extraordinary General Meetings (EGMs) through Video Conference or Other Audio-Visual Means or passing of certain items only through postal ballot without convening general meetings. As per the initial clarifications, the companies were allowed to hold relevant EGMs or transact relevant business through postal ballot, as per the prescribed procedures up to 30 June 2020 or till further orders, whichever is earlier. These timelines were extended till 31 December 2022.
Now, the MCA has further extended the aforesaid timelines till 30 September 2023. However, all the other requirements provided in the erstwhile Circulars remain unchanged.
For more information, click here.