Limited Review Audit Report Applicability and Formats By CS Shubham Phule


Securities and Exchange Board of India (SEBI) vide its circular No CIR/CFD/CMD 1/ 44/2019 dated 29th March, 2019 issued formats for limited review audit report/audit report of the listed entity and those entities whose accounts are to be consolidated with the listed entities.

Applicability:

  • To all listed entities (whose equity shares and convertible  securities are listed )
  • All entities whose accounts are to be consolidated with the listed entity
Kotak Committee on corporate governance suggested certain changes in the regulatory framework for group audit. SEBI has considered Kotak committee’s amendment and amended regulations 33 of LODR (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS),2015.
 
  • The New Sub Regulation 33 will come effect from April 1, 2019
“(8) The Statutory auditor of a listed entity shall undertake a limited review of the audit of all the entities/companies whose accounts are to be consolidated with the listed entity as per AS 21 in accordance with guidelines issued by the Board on this matter”. AS 21 Pertains to Consolidated Financial Statements
  • A summary of formats as per applicability is as follows

S. No

Format No.

Audited/ Unaudited

Periodicity

Standalone/ Consolidated results

Brief description of the formats

For listed entities other than banks and insurance companies

(C formats)

For Banks

(B formats)

1)       

C1

B1

Unaudited

Quarterly

Standalone

Format for the Limited Review Report on quarterly and year to date results

2)       

C2

B2

Audited

Quarterly

Standalone

When an Unmodified Opinion is expressed on the Quarterly and year to date financial

3)       

C3

 

 

 

 

 

 

 

B3

Unaudited

Quarterly

Consolidated

Independent Auditor’s Review Report on Review of Consolidated Unaudited Quarterly and Year to date Financial Results

4)       

C4

B4

Audited

Quarterly

Consolidated

When an Unmodified Opinion is expressed on consolidated audited quarterly and year to date financial results

5)       

C5

B5

Audited

Annual

Consolidated

When an Unmodified Opinion is expressed on consolidated audited annual financial results

 
  • Link for formats of Audit Report

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