SEBI lays down the procedure and formats for limited review, audit report of the listed entity

Apr 01, 2019 | by Avantis RegTech Legal Research Team


The Securities Exchange Board of India (SEBI) on March 29, 2019, lays down the procedure and formats for limited review, audit report of the listed entity and for entities whose accounts are to be consolidated with the listed entity. SEBI has inserted a new Sub-Regulation 33(8) in SEBI (Listing Obligation and Disclosures Regulations) Regulations, 2015 which specifies that the statutory auditor of the listed entity shall undertake a limited review of the audit of all the entities or companies whose accounts are to be consolidated with the listed entity as per the Accounting Standard (AS) 21 in accordance with the guidelines issued by the Board on this matter.  Accordingly, the new sub-regulation will come into effect from April 01, 2019.

It is applicable to:

•all the listed entities whose equity shares and convertible shares are listed on a recognized stock exchange,

•the statutory auditors of such entities,

•all entities whose accounts are to be consolidated with the listed entity and 

•the statutory auditors of the entities whose accounts are to be consolidated with the listed entity

The procedures for the limited review,  audit report of the listed entity are given at Annexure 1 (Page 4) and the format is mentioned in Annexure 2 (Page 10).

[Circular No. CIR/CFD/CMD1/44/2019]

Click here to download the Circular.

 


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