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of <h1>SEBI Clarifies Audit Report Submission Process for Listed Companies; Immediate Disclosure of Revised Accounts Required.</h1> SEBI's circular clarifies the process for handling audit reports filed by listed companies. Companies must submit either Form A or Form B with their annual reports to stock exchanges. Qualified Audit Review Committee (QARC) will scrutinize qualified audit reports, and companies may need to restate their accounts to ensure accurate financial representation. The circular addresses concerns regarding the timing of restating accounts, clarifying that revisions should be disclosed immediately through revised pro-forma financial results. However, the financial effects can be reflected in the subsequent financial year's accounts as a prior period item. Compliance with this directive is mandatory for all stock exchanges.
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