Wednesday, June 15, 2016

Listed cos to disclose audit qualification impact separately

Now, listed entities will be required to disclose the cumulative impact of all audit qualifications on relevant financial items in a separate form called 'Statement on Impact of Audit Qualifications' instead of the present form. Such disclosures will have to be made in a tabular form, along with annual audited financial results filed in terms of listing regulations. The new mechanism will be applicable from April 2016. Besides, the management of a company would be required to explain its view about qualifications.

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