SEBI's new order to listed firms on audit qualifications
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This is to ensure the information is available to investors. An audit qualification is typically a statement written upon the front page of any check done by a professional auditor. The management of the listed entity will have the option to explain its views on the audit qualifications.
The new requirement must be given in a separate form called ‘Statement on Impact of Audit Qualifications’. Disclosures are required to be made in a table form and need to be enclosed with the annual audited earnings, filed in compliance with the listing regulations.
“The changes will be applicable for all the annual audited standalone/consolidated financial results submitted by the listed entities for the period ending on or after March 31, 2016,” says the note.
Sebi has asked stock exchanges to ensure compliance with this circular and bring the provisions to the notice of listed firms, disseminating all this on their websites.
In case of no audit qualifications, the companies must furnish a declarations in this regard.
“Where the impact of the audit qualification is not quantified by the auditor, the management will make an estimate. In case the management is unable to make this, it should provide reasons for the same. In both the scenarios, the auditor to review and give the comments,” reads the Sebi note.
These apart, the regulator said companies must disclose net profit, net worth, turnover, total expenditure, earnings per share, total assets and liabilities.
The firm will have to present details, types and frequency of audit qualification, it said. #casansaar (Business Standard)
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