In this session of the Voices on Reporting webinar, we have discussed following key updates:
- Implementation of audit trail: With effect from 1 April 2023, every company is required to implement audit trail feature in the accounting software and auditors are required to evaluate that such audit trail feature is working effectively. Further, on 28 March 2023, the Institute of Chartered Accounts of India (ICAI) issued an implementation guide which aims to provide detailed guidance with respect to the auditor’s responsibility for reporting on the audit trail.
- Ind AS Amendment- On 31 March 2023, MCA issued amendments to the Indian Accounting Standards (Ind AS) which are effective from 1 April 2023.
- SEBI updates- On 29 March 2023, SEBI conducted a board meeting to approve proposals on certain significant matters pertaining to the SEBI Regulations. The key amendments are with respect to: introduction of Environmental, Social and Governance (ESG) regulatory framework, amendments to Listing Obligation and Disclosure Requirements Regulation, 2015 with respect to disclosure of material events and strengthening corporate governance and extension of timeline for compliance for High Value Debt Listed Entities (HVDLE) and Large Corporates (LCs).
- Other key regulatory updates and year-end reminders.
