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SEBI tightens norms to deal with abrupt resignations of auditors

(Disclaimer : Taxmitr India does not own this content. This content contains extracts from this article of Business Standard )
SEBI 
Circular No.:CIR/CFD/CMD1/114/2019. Click here to download


The market regulator has said that an auditor will have to provide review - limited or complete audit report - for the quarter during which it resigns

The market regulator has said that an auditor will have to provide review — limited or complete audit report — for the quarter during which it resigns. For instance, if the auditor decides to resign in August 2019, it will have to issue the review for the quarter ended September 30, 2019.


Sebi’s latest circular on resignation of statutory auditors comes following a spike in auditors at listed firms in recent years. According to data provided by NSE Infobase, the year 2018 saw mid-term cessations of 48 auditors and another 16 so far this year. In the past, Sebi has fumed over the growing instances of abrupt resignation, particularly the when the auditor cites “pre-occupation” as the reason.

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