Manner of Dealing with Audit Reports filed by Listed companies

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....ments submitted by listed companies. The exact text of amendments to Equity Listing Agreement in this regard is given in the Annexure to this circular. 3. Accordingly, listed companies shall now be required to submit the following forms, as may be applicable, along with copies of annual reports submitted to stock exchanges: * Form A: Unqualified/ Matter of Emphasis Report * Form B: Qualified/ Subject To/ Except For Audit Report 4. The format of Form A and Form B is given in the Annexure to this circular as part of the amendments to Equity Listing Agreement. These forms shall be signed by the a) Chief Executive Officer / Managing Director, b) Chief Financial Officer, c) Auditor and d) Chairman of the Audit Committee. The information su....

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....RC shall review the cases received from the stock exchanges and guide SEBI in processing the qualified annual audit reports referred to by the stock exchanges. (d) After analyzing the qualifications in audit reports, QARC may make following recommendations: (i) If, prima facie, QARC is of the view that an audit qualification is not significant, it may suggest steps for rectification of such qualification; (ii) If, prima facie, QARC is of the view that an audit qualification is significant and the explanation given by the listed company concerned / its Audit Committee is unsatisfactory, the case may be referred to the Financial Reporting Review Board of ICAI (ICAI-FRRB) for their opinion on whether the qualification is justified or req....

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....month from the date of receipt of report from the Stock Exchanges. Referring applicable cases to ICAI-FRRB Fifteen days from the date of decision of the QARC Receipt of reply from ICAI-FRRB One month from the date of referral by QARC Communication of decision on the case to the listed company concerned and the stock exchanges. This also includes reports received directly from ICAI-FRRB with a recommendation of restatement. Fifteen days from the date of receipt of reply from ICAI-FRRB Publication of restated financial results by the listed company concerned. Within two months from the date of letter of communication to the concerned entity. (h) SEBI may, at any stage, in the interest of investors, take necessary action as it deems ....

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.... how long period ….. 5. To be signed by- * CEO/Managing Director * CFO * Auditor of the company * Audit Committee Chairman FORM B Format of covering letter of the annual audit report to be filed with the stock exchanges 1. Name of the Company: XYZ Ltd 2. Annual financial statements for the year ended 31st March …… 3. Type of Audit qualification Qualified…../ Subject to …../ Except for…… 4. Frequency of qualification Whether appeared first time …. / repetitive …. / since how long period ….. 5. Draw attention to relevant notes in the annual financial statements and management response to the qualification in the directors report: May give gist of ....