ICAI moots for relaxation in Statutory Filings / Audit and Other Compliances by 60 days due to COVID-19

Statutory Filings Audit - Tax Audit - Taxscan

The Institute of Chartered Accountants of India ( ICAI ) has requested for relaxation in statutory filings/audit and other compliances by 60 days due to Pandemic Coronavirus.

The ICAI has approached various Regulators requesting for relaxation in statutory filings Audit and other compliance due to the on-going spurt of COVID-19.

The ICAI said 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.

It is further informed that RBI has extended the timeline for submission of LFAR by the statutory auditors to the banks by one month and now, it can be submitted by July 31, 2020. Further, on the issue of the statutory audit of annual accounts, it has been advised that all listed banks shall follow the instructions issued by SEBI.

It may further be noted that with respect to LFAR, all Certificates as per the Certification/Validation requirements for SCAs of scheduled commercial banks for FY 2019-20 can be submitted along with the LFAR by July 31, 2020.