The weekly messenger | Edition 39.18

Auditing News 

Unique Document Identification Number – 26 September 2018

In the month of July 2018, the Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) after considering the instances of mala fide practices, wherein the financial statements and other documents are being certified/attested by third persons in lieu of the CA members had come up with the concept of Unique Document Identification Number (UDIN) which was made recommendatory w.e.f. 1 July 2018.
Now, the ICAI has made use of UDIN mandatory w.e.f. 1 January 2019.

For more information, click here.

Internal Auditor not to undertake GST Audit simultaneously – 28 September 2018

The ICAI after receiving various enquiries from its members and other stakeholders as well as based on the conflict in the roles of the auditor as statutory and internal auditor simultaneously, has clarified that Internal Auditor of an entity cannot undertake Goods and Services Tax (GST) Audit of the same entity. 

For more information, click here.
 

Regulatory News 

Secretarial Standard on Report of the Board of Directors – 24 September 2018

The Institute of Companies Secretaries of India has issued a new Secretarial Standard (SS) i.e. SS-4 ‘Report of the Board of Directors’. This standard prescribes a set of principles for making disclosures in the Report of the Board of Directors of a company and matters related thereto.
This standard is recommendatory in nature and shall come into force w.e.f. 1 October 2018.

For more information, click here.

Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018 – 25 September 2018

The Central Government has issued the Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018, wherein it has clarified that the person rendering the valuation services under the Companies Act, 2013, on the date of commencement of these Rules, can now continue to render such services without a certificate of registration under these Rules up to 31 January 2019. Earlier, this date was 30 September 2018.
Further, with respect to the ‘Eligibility for registered valuers organisations’, certain societies and trusts, seeking to become registered valuers organisations, shall be converted or registered into a Section 8 Company within a period of 2 year from the date of commencement of these Rules. Earlier, this period was 1 year.

For more information, click here.

Basel III Framework on Liquidity Standards – LCR, Liquidity Risk Monitoring tools and LCR Disclosure Standards -  27 September 2018

The Reserve Bank of India has decided to permit the banks w.e.f. 1 October 2018, to reckon government securities held by them up to another 2 per cent of their Net Demand and Time Liabilities (NDTL), under Facility to Avail Liquidity for Liquidity Coverage Ration (FALLCR) within the mandatory Statutory Liquidity Ratio (SLR) requirement, as LEVEL 1 High Quality Liquid Assets (HQLA) for the purpose of computing their Liquidity Coverage Ratio (LCR).

For more information, click here. 

Extension of date for filing of Income Tax Returns and Audit Reports – 24 September 2018

The Central Board of Direct Taxes, after considering the representations from various stakeholders, has extended the due date for filing of Income Tax Returns as well as Tax Audit Reports for the Assessment Year 2018-19 from 30 September 2018 to 15 October 2018 for certain categories of taxpayers.

For more information, click here.

Government constitutes Competition Law Review Committee to review the Competition Act – 30 September 2018

The Government considering its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, has constituted a Competition Law Review Committee to review the Competition Act.

For more information, click here.

Further GST Updates

The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. GST whose links are as follows: 

For more information w.r.t GST on Residential programmes or camps meant for advancement of religion, spirituality or yoga by religious and charitable trusts, click here