The weekly messenger | Edition 07.23

March 2023

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

Implementation Guide to SA 580 Written Representations – 7 March 2023

The Auditing and Assurance Standards Board (AASB) of the ICAI has issued the Implementation Guide to ‘SA 580, Written Representations’, which provides practical guidance on implementation of the principles laid down in the aforesaid standards. The Implementation Guide contains:

  • Introduction and Overview;
  • Frequently Asked Questions;
  • Illustrative Checklist.

For more information, click here.

Guidance Note on Audit of Banks (2023 Edition) – 16 March 2023

The AASB of the ICAI has issued the revised 2023 edition of the ‘Guidance Note on Audit of Banks’, which includes impact of various circulars issued by the Reserve Bank of India as well as important advisories, pronouncements of the ICAI which would be relevant for the bank audits for the financial year ending 31 March 2023.

For more information, click here.

ICSI approves ICSI Social Audit Standards– 16 March 2023

The Institute of Company Secretaries of India (ICSI) has approved the ICSI Social Audit Standards, which covers all the sixteen areas of activities as listed by the Regulatory Authorities, where a Social Enterprise can operate to be eligible to register on the Social Stock Exchanges.

For more information, click here.

Regulatory news

Additional affirmations by Practicing Company Secretaries in Annual Secretarial Compliance Report – 16 March 2023

The Securities and Exchange Board of India (SEBI) vide its Circular dated 8 February 2019 had issued the format of Annual Secretarial Compliance Report (effective from 31 March 2019, onwards) for listed entities and their material subsidiaries, which was required to be filed on annual basis by Practicing Company Secretaries confirming the compliances of all SEBI Regulations, Circulars and Guidelines.

Now, the Bombay Stock Exchange (BSE) in consultation with the SEBI, has inserted certain additional requirements to be provided while submitting the aforesaid Report.

This Circular would be effective from the financial year ended 31 March 2023, onwards.

For more information, click here.

Manner of filing financial results as required under Regulation 33 of the Listing Regulations – 15 March 2023

The BSE observed that some of the companies have included the shareholders letter, investors presentation in the outcome of their board meeting which was held to consider and approve financial results in which financial results, auditor’s report, etc., as required under Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), were included much after the said letter, presentation.

In this regard, the BSE has notified that the PDF of outcome of board meeting held to consider and approve financial results must only include financial results, Auditor’s report and other statements as prescribed under the aforesaid Regulation, Part A of Schedule IV of the regulation and related circulars. In case, the company wishes to disclose any other information such as shareholders letter, investors presentation, it must be done as a separate announcement.

For more information, click here.