The weekly messenger | Edition 01.18

Auditing News

ED on the Framework Governing Internal Audits– 19 December 2017

The Internal Audit Standards Board (IASB) of the Institute of Chartered Accountants of India (ICAI) has issued an Exposure Draft (ED) on the proposed Framework Governing Internal Audits. The main objective of issuing this framework is:

• to provide clarity on key components which govern the overall internal audit process and how it’s conducted;
• to ensure that all internal audits are performed by deploying certain basic principles, designed to ensure high quality of outcome;
• to provide a high degree of comfort to the auditee on the reliability of the assurance provided or advice given; and
• to provide high credibility to the internal audit reports and other communications issued by the internal auditor.

Comments are to be received by 17 January 2018.

For more information, click here.

ED on the Preface to the Framework and Standards on Internal Audit – 19 December 2017

The IASB of the ICAI has issued an ED on Preface to the Framework and Standards on Internal Audit in which it has proposed revisions to the existing Preface to the Framework and Standards on Internal Audit.
Comments are to be received by 17January 2018.

For more information, click here.

Regulatory News

Condonation of Delay Scheme, 2018 – 29 December 2017

The Ministry of Corporate Affairs has introduced the Condonation of Delay Scheme, 2018 to provide an opportunity for disqualified directors to regularise the compliance. This scheme is applicable to all the defaulting companies (other than the companies which have been/ whose names have been removed from the register of companies under section 248(5) of the Companies Act 2013). Further, under this scheme, a defaulting company is permitted to file its overdue documents which are due for filing till 30 June 2017 in accordance with the provisions of this scheme.

This scheme shall come into force w.e.f. 1 January 2018 and will remain valid till 31 March 2018.

For more information, click here.

SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017- 27 December 2017.

The Securities and Exchange Board of India (SEBI) has amended the SEBI (Real Estate Investment Trusts) Regulations, 2014 with the SEBI (Real Estate Investment Trusts) Amendment Regulations, 2017 wherein the SEBI has added certain new regulations and has also made certain other minute changes in the existing regulations.

These amendments shall come into force from the date of their publication in the Official Gazette.

For more information, click here.

SEBI Board Meeting – 28 December 2017

The SEBI Board met on 28 December 2017 and has made the following decisions:

• Amendments to the SEBI (Credit Rating Agencies) Regulations, 1999 and SEBI (Listing Obligations and Disclosure Requirements), 2015;
• Additional methods for listed entities to achieve minimum public shareholding (MPS) requirements;
• Issuance of refund orders/allotment letters/share certificates through electronic mode under SEBI (Issue of Capital and Disclosure Requirements Regulations), 2009;
• Norms for Shareholding and Governance in Mutual Funds;
• Proposed framework for listing of Security Receipts issued by ARCs under SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008;
• Amendments to the SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations,2014;
• Easing of Access Norms for Investment by Foreign Portfolio Investors (FPIs);
• Consultation Paper for "Amendments to the SEBI (Investment Advisers) Regulations, 2013"
• Fees Payable by Stock Brokers Trading in "Options" in Commodity Derivatives

For more information, click here.

Further GST Updates

The Central Board of excise and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:

• For information w.r.t. extension in the due dates for quarterly furnishing of Form GSTR -1 for taxpayers with aggregate turnover of upto Rs.1.5 crore, click here;
• For information w.r.t. extension in the due dates for quarterly furnishing of Form GSTR -1 for taxpayers with aggregate turnover of more than Rs.1.5 crore, click here;
• For information w.r.t waiver in the late fee payable for failure to furnish the return in FORM GSTR-4, click here;
• For information w.r.t date of notification from which E- way bill shall come into force, click here;
• For information w.r.t Central GST (Fourteenth Amendment Rules), click here;
• For information w.r.t amendment to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers – Central Tax, click here;
• For information w.r.t amendment to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers – Union Territory Tax, click here.