Audit Under SEBI Regulations
AUDIT UNDER SEBI REGULATIONS
Income Tax Return is submitted as self-declaration of earned income by an indivisual or organisation,whether or not having tax liability. The disclosure of such income pertains to a specific financial year starting from Aprip 01 to following March 31.
Few of the prominent audits are:
Audit under Reg. 24A of the SEBI (Listing Obligations And Disclosure Requirements) Reg., 2015
The Regulation requires that every listed entity to obtain an annual compliance report within 60 days from the end of financial year to check the compliances of all applicable SEBI regulations.
Audit under Reg. 40(9) of the SEBI (Listing Obligations And Disclosure Requirements) Reg., 2015
The Regulation requires that every listed entity to obtain an annual certificate from its Share Transfer Agent issued by a specified practicing professional within 1 month from the end of the financial year, certifying that all share certificates lodged for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies have been issued within 30 days from the date of lodgment. The Certificate shall also be filed with Stock Exchanges.
Audit under Reg. 76 of the SEBI (D&P) Reg., 2018
The Regulation requires that every listed company shall submit a Reconciliation of Share Capital Audit Report issued by a specified practicing professional on a quarterly basis to their concerned Stock Exchange.
This Report reconciles the total share capital (held both in physical and dematerialized form), details of changes therein. It is necessary to confirm the updated status of register of members of the listed entity and whether requests for dematerialization have been carried out within 21 days from such receipt of such requests.
Audit under Clause E Schedule V of the SEBI (Listing Obligations And Disclosure Requirements) Reg., 2015
The Regulation requires that a compliance certificate shall be obtained from a practicing professional with respect to the status of compliance of conditions of corporate governance and the same shall be annexed with the board’s report.
Audit under Reg. 19(3) of the SEBI (Investment Advisors) Reg., 2013
The Regulation requires that an Annual Compliance Audit is necessary to be conducted by Investment Advisors (“IA”) within 6 months from the end of the financial year. If the audit reports any qualification or adverse remark, an action taken report duly approved by IA is required to be submitted along with compliance report to the SEBI within 1 month from the date of audit report but not later than 31st October for the previous financial year.
Note
- Audit Engagement Letter is required to set out the appointment, terms and conditions, etc. in respect to the proposed Audit.
- Permission to inspect all the requisite documents, registers, records and forms is mandatory for an independent and true audit report.