Announcement on Applicability of “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries
ICAI Announcement
1 The Auditing and Assurance Standards Board of ICAI issued “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” on 30th November 2018. Paragraph 25 of the aforesaid Implementation Guide which prescribes applicability of the aforesaid Implementation Guide is reproduced below:
“Applicability
25. This Implementation Guide is applicable in case of audits of all listed entities. Further, in case of audits of banks, insurance companies and other corporate entities, the guidance given in this Implementation Guide be also followed, as applicable.”
2 SEBI has issued a Circular dated 18th October 2019 regarding “Resignation of statutory auditors from listed entities and their material subsidiaries”. The aforesaid Circular prescribes various conditions to be satisfied by listed entities, their material subsidiaries and their statutory auditors. Some members have raised queries regarding applicability of the aforesaid Implementation Guide to statutory auditors of listed entities and their material subsidiaries.
3 It is hereby clarified that statutory auditors of listed entities and their material subsidiaries are required to comply with the aforesaid Circular.
4 This Announcement will come into force from immediate effect
Chairman
Auditing and Assurance Standards Board
Vice-Chairman
Auditing and Assurance Standards Board
ITAT allowed increased exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees in view of CBDT retrospective notification. In…
PCIT has revisionary jurisdiction u/s 263 over the cases irrespective of the fact that the relevant assessment was completed physical…
Appellate court interfering with Motor Accidents Claims Tribunal findings on assessment of disability and loss of earning capacity must undertake…
When period of delay is not very huge and involve huge monetary liability on the assessee, a lenient approach should…
Ratification by EoGM of the company can not give legality of the diversion of the fund raised by preferential issue.…
CBIC prescribes procedures for return of export cargo from international waters due to closure of the Strait of Hormuz where…