Regulatory updates

Recently, ICAI released the audit working paper templates (the publication). The publication consists of templates of various audit working papers that are required to be prepared by the auditors in accordance with the requirements of Standards on Auditing (SAs). It also contains templates of other important audit working papers – for example, Schedule III of the Companies Act, 2013 checklist, CARO 2020 checklist, amongst others.

The templates should be used and modified according to the facts, circumstances and nature of the entity under audit.

To access the text of the publication, please click here

Recently, ICAI made the 20 Forensic Accounting and Investigation Standards (FAIS) mandatory w.e.f. 1 July 2023. With a view to provide an updated publication for reference of the practitioners, ICAI, through the Digital Accounting and Assurance Board (DAAB) has released a revised compendium of FAIS (the compendium). The compendium encompasses the latest best practices, methodologies and guidance to ensure that the practitioners are equipped with the latest tools and knowledge in the domain of forensic accounting.

To access the text of the compendium, please click here

Recently, ICAI issued certain case studies on excellency in financial reporting (the case studies). The case studies would aid in providing the stakeholders with cases of contextual issues, events and conditions, citing several practices and theories and enhance the overall understanding and knowledge of implementing Ind AS.

To access the text of the case studies, please click here

On 11 July 2023, SEBI issued a master circular for compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) by listed entities. The master circular consists of the following seven chapters:

• Chapter I: Uniform listing agreement
• Chapter II: Periodic disclosures (non-financial)
• Chapter III: Financial disclosure
• Chapter IV: Annual disclosures
• Chapter V: Event-based disclosures
• Chapter VI: Other obligations and disclosure requirements, and
• Chapter VII: Penal actions for non-compliance.

To access the text of the master circular, please click here