The Bombay Stock Exchange (BSE) on October 13, 2023, issued the notification regarding the Submission of Internal Audit Report for half year ended September 30, 2023 through BEFS (BSE Electronic Filing System).
The following has been stated namely: -
• Complete internal audit for the half year ended September 30, 2023 must be carried out and the report must be submitted electronically through the BEFS (BSE Electronic Filing System) member portal.
• The audit shall be conducted only by independent qualified Chartered Accountants or Company Secretaries or Cost and Management Accountants who are in practice and do not have any conflict of interest in or relation with the member other than the internal audit assignment.
• It is to be noted that the due date to submit the Internal Audit Report is within two months from the end of half year i.e., for the half year ended September 30, 2023, the due date is November 30, 2023.
• Further, Internal Auditors are advised to take note of the below changes while carrying out the Audit:
1. There are certain changes in the sampling criterion and methodology for sample selection compared to the previous half-year submission.
2. 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.
• Please find enclosed herewith the following Annexures applicable for the Inter Audit report for half-year ended September 30, 2023
1. Internal Audit Certificate – Annexure I
2. Format for Internal Audit Report – Annexure II
3. Guidelines on Sample selection & other points to be noted – Annexure III
4. List of Indicative Processes & references of SEBI/Exchange circulars – Annexure IV
5. User Manual for Auditors – Annexure V
6. User Manual for Members – Annexure VI
7. Guidelines for IAR XBRL Report Sheet & Audit Process – Annexure VII
It may be noted that submission of the Internal Audit Report shall be considered complete only after the Member submits the report to the Exchange and receives an acknowledgment email.
[Notification No. 20231013-57]
