Securities and Exchange Board of India has amended the procedure and format for limited review/audit report vide a Circular dated July 19, 2019.
The modification has been made in Exhibits C1, B1, C2, B2, C4, B4, C5 and B5 of Annex 2 to the Previous Circular with Exhibits C1,B1, C2, B2, C4, B4, C5 and B5 of Annex 1 to this Circular. The modification has been effected in order to align with SA 700 (revised) issued by Institute of Chartered Accountants of India (“ICAI”).
Following categories of formats have been revised:
- Format for the Limited Review Report for unaudited standalone quarterly and year to date results;
- Illustrative format of independent auditor’s report (unmodified opinion) on the annual consolidated financial results pursuant to the Regulation 33 of the SEBI LODR Regulations 2015
- Illustrative format of independent auditor’s report (unmodified opinion) on the Quarterly and year to date consolidated financial results pursuant to the Regulation 33 SEBI LODR Regulations, 2015
SEBI earlier issued a circular on 29th March, 2019, mandating limited review of the Audit by a Statutory Auditor of all the entities/ companies whose accounts are to be consolidated with the listed entity as per AS 21. The Circular also laid down the guidelines to be followed by a Statutory Auditor to conduct the limited review. In addition, formats for limited review/audit report of the listed entity to be issued for Standalone and Consolidated results both on a Quarterly and Annual basis was provided.
This Circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019.
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