COVID-19: ICAI requested relaxation in Statutory Filings and Compliance

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COVID-19: ICAI Requested Relaxation in Statutory Filings and Compliance

Statutory Filings and Compliance

As you already know that COVID-19 Pandemic is affected each and everything in this world. And our country is trying to stand strong against it with back to back lockdowns.  ICAI which stands for the Institute of Chartered Accountants of India ( ICAI ) has recently requested for relaxation in due dates of statutory filings or audit along with some other compliances by 60 days in the view of Coronavirus Pandemic spread. 

It actually approached various Regulators requesting for relaxation in statutory filings or Audit and other compliance due to the on-going explosion of coronavirus disease. 

The ICAI stated that “RBI has informed that SEBI has already provided several relaxations to the listed entities from compliance with their instructions due to the coronavirus pandemic, DFS, GOI has also advised Public Sector Banks to comply with SEBI regulations regarding statutory audit because they are listed entities.

Further information states that RBI has also extended the timeline for submission of Long-Form Audit Report (LFAR) by the statutory auditors to the banks by one month and now, it can be submitted by July 31st, 2020.

READ ALSO : Advisory Issued by ICAI for Bank Auditors for the FY 2019-20

Additionally, on the matter of the statutory audit of annual accounts, it has been advised that all the listed banks will follow the issued instructions by SEBI. 

It may further be noted that with respect to the Long-Form Audit Report, all Certificates as per the process of Certification/ Validation requirements for SCAs of scheduled commercial banks for Financial Years 2019-20 can be also presented along with the LFAR by July 31st, 2020. There is still some more relaxation expected and required, which will be notified soon.

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