August Regulatory Alerts || Faqonline.org

The regulatory updates publication issued by the Foundation for Audit Quality (FAQ) highlights the latest developments in accounting,auditing and regulatory developments in India and internationally.

Regulatory updates for the month of August 2022

Recently, the Ministry of Corporate Affairs (MCA) notified amendments to Rule 3 of the Companies (Accounts) Rules, 2014 (the Accounts Rules) by issuing the Companies (Accounts) Fourth Amendment Rules, 2022. Rule 3 of the Accounts Rules prescribes the manner in which companies are required to maintain the books of account in electronic mode. In line with this, the Institute of Chartered Accountants of India (ICAI) issued an announcement in which they performed a pre and post analysis of the Accounts Rules as a result of the amendments introduced.

Additionally, ICAI issued an Exposure Draft on Social Audit Standards (SAS). The Exposure Draft has introduced a framework of SAS and prescribed 16 SAS for regulating the profession of social auditors.

This issue of the regulatory updates publication covers some of the important updates on accounting, auditing and regulatory matters for the period from 1 August 2022 to 31 August 2022 . It also highlights some of the action points that auditors may consider when applying the relevant provisions.