The Bombay Stock Exchange (BSE) on April 13, 2023, issued a circular regarding the Submission of the Internal Audit Report for the half year ended March 31, 2023, through BEFS (BSE Electronic Filing System)
This has a reference to the Exchange Notice no. 20230406-59 dated April 06, 2023, wherein all trading members were directed to submit Internal Audit Report for the half year ended March 31, 2023, to the Exchange in electronic form through BEFS
The following has been stated namely: -
• It states that the Members may note that the Internal Audit Report for the half year ended March 31, 2023, is to be submitted on or before May 31, 2023, in electronic form only through BEFS, and the module for submission is now enabled at the following link: https://befs.bseindia.com -> Internal Audit Report
• The following Annexures applicable for the Inter Audit report for the half year ended March 31, 2023, have been enclosed.
(i) Internal Audit Certificate – Annexure I
(ii) Format for Internal Audit Report – Annexure II
(iii) Guidelines on Sample selection & other points to be noted – Annexure III
(iv) List of Indicative Processes & references of SEBI/Exchange circulars – Annexure IV
(v) User Manual for Auditors – Annexure V
(vi) User Manual for Members – Annexure VI
(vii) Guidelines for IAR XBRL Report Sheet & Audit Process – Annexure VII
• The Internal Auditors are advised to take note that for each “Not complied” observation, wherever applicable the auditor shall mandatorily provide the “no. of instances verified”, “% of instances where non-compliance is observed” and “Amount/value involved where non-compliance is observed” while submitting the Audit report.
• The penalties/disciplinary actions for late/non-submission of the Internal Audit Report and non-compliances observed in the Internal Audit Report, shall be applicable as per the Exchange notice no. 20220601-52 dated June 01, 2022, or any other relevant circular that may be issued by the Exchange from time to time.
• It may be noted that submission of the Internal Audit Report shall be considered complete only after Member submits the report to the Exchange and receives an acknowledgment email, Saved reports/reports submitted by the auditor will not be considered final submissions to Exchange.
[Notification No. 20230413-31]
