ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
SEBI the Securities and Exchange Board of India which regulates and directs the market has kept in touch with the Ministry of Corporate Affairs i.e. MCA Services to take up the matter of allowing auditors of listed organizations to operate and work from 20th April 2020 with the Ministry of Home Affairs. The Home Ministry through an ongoing and recent notification exempted certain classifications of workers or laborers from the central lockdown till May 3 to analyze the spread of COVID-19.
Affirming the development, a government source additionally said the Ministry Corporate Affairs has, thus, taken up the issue with the Ministry of Home Affairs.
Listed organizations are required to reveal their evaluated financial statements within 60 days from the end of any financial year that is by 31st May. Be that as it may, SEBI has extended the deadline for financial results of listed organizations for the financial year 2019-20 to 30th June 2020 because of the COVID-19 outbreak.
Audited finance-related outcomes comprise necessary data with respect to the financial performance of a listed organization and help financial specialists to make informed investment decisions.
“It would be helpful if the outcome could be revealed well in time,” said an official aware of the developments.
“Auditing of financial outcomes involves site visits, physical verifications or checks, and cooperation with the administration of the organization whose finance-related outcomes or results are audited. This would require significant investment, time, and effort,” said the authority including that if auditors of listed organizations were likewise allowed and permitted to work from 20th April 2020, the money related consequences of such organizations could be revealed well in time.
A senior partner at a leading audit firm said that allowing auditors of listed organizations to work may not be valuable as many industries are still not functioning.
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26 Apr
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