Voices on Reporting Bytes – Episode 1 Guidance on limit - KPMG | IN
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Voices on Reporting Bytes – Episode 1 Guidance on limited review of audits

Voices on Reporting Bytes – Episode 1 Guidance on limit

Voices on Reporting Bytes

As a background, on 9 May 2018, the Securities and Exchange Board of India (SEBI) amended its Listing Regulations and specified that the statutory auditor (principal auditor) of the listed entities would be required to undertake a limited review of the audit of all the entities/companies whose accounts are to be consolidated with the listed entity as per Accounting Standard (AS) 21, Consolidated Financial Statements. This provision is applicable from 1 April 2019.

The SEBI through its circular dated 29 March 2019 prescribed the procedure and formats for limited review report and audit report of the listed entity and its components. The revised procedure and formats would be required to be followed by the statutory auditors of such entities. These procedures are applicable from 1 April 2019.