ICSI issue Guidelines for mandatory Peer Review for Certification and Audit Services

ICSI - Guidelines for mandatory Peer Review for Certification - Audit Services - Taxscan

The Institute of Company Secretaries of India (ICSI) issued Guidelines for mandatory Peer Review for Certification and Audit Services.

The Council of the Institute with the objective to uphold the quality of services rendered by members and issues guidelines from time to time so as to establish a mechanism of self-governance by the members.

The Council has issued Guidelines for mandatory applicability of Peer Review for Certification and Audit for various services.

Firstly, the Secretarial Audit Report or Annual Secretarial Compliance Report under SEBI (LODR) Regulations, 2015 and the Certification of Annual Return in terms of Section 92 (2) of the Companies Act, 2013 is applicable on top 100 companies as per market capitalisation as on 31 March, 2020 with effect from April 1, 2020.

 Secondly, the Compliance Certificate under Schedule V, Clause E of SEBI (LODR) Regulations, 2015  is applicable on 500 companies as per market capitalisation as on 31 March, 2021 with effect from April 1, 2021.

Thirdly, Half yearly Share Capital Reconciliation Certificate under Regulation 40 (9) of SEBI (LODR) Regulation, 2015 is applicable on all the listed companies with effect from April 1, 2022.

Fourthly, Quarterly Share Capital Reconciliation Certificate under Regulation 76 of SEBI

(Depository Participants) Regulation, 2018  is applicable on all the companies with effect from April 1, 2023.

The Internal Audit Operation of the Depository Participants is applicable from April 1, 2020.

The diligence report of the bank in case of Consortium Lending and Multiple Banking Arrangements is applicable from July 1, 2020.

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