RBI today i.e on 12/04/2020 extended the timeline for submission of LFAR (Long Form Audit Report) by the statutory auditors to the banks by one month,July 31, 2020..Long form Audit Report (LFAR) is a questionnaire prepared by RBI which an auditor has to answer.
LFAR includes questionnaires for specialized branches –
- For branches dealing in foreign exchange transactions
- For branches dealing in very large advances
- For branches dealing in recovery of NPA
- For branches dealing in clearing house operations (service branches)
Also, all Certificates as per the Certification/Validation requirements for SCAs (Statutory Central Auditors) of scheduled commercial banks for FY 2019-20 can be submitted along with the LFAR by July 31, 2020.
” In context to above, the Members may kindly note that RBI has informed that SEBI has already provided certain relaxations to the listed entities from compliance with their instructions due to the Covid -19 virus pandemic, DFS, GOI has advised Public Sector Banks (PSBs) to adhere to SEBI regulations regarding statutory audit as they are listed entities.”Professional Development Committee,ICAI
It is further informed by ICAI that institute has approached to various Regulators requesting for relaxation in statutory filings Audit and other compliance due to on-going spurt of Covid-19.
Further, on the issue of statutory audit of annual accounts, it has been advised that all listed banks shall follow the instructions issued by SEBI.
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