Bank Audit: RBI extends timeline for submission of LFAR for FY 2019-20
RBI has extended the timeline for submission of LFAR (Long Form Audit Report) by the statutory auditors’. As informed by Professional Development Committee of ICAI, One month extension has need provided.
Additionally, date has been extended for all Certificates as per the Certification/Validation requirements for SCAs (Statutory Central Auditors). Certifications of scheduled commercial banks for FY 2019-20 can be submitted along with the LFAR by July 31, 2020.
It is further informed by ICAI that institute has approached to various Regulators requesting for relaxation. Relaxation in statutory filings Audit and other compliance is required amid Covid-19.
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In context to above, the Members may kindly note 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. Further, on the issue of statutory audit of annual accounts, it has been advised that all listed banks shall follow the instructions issued by SEBI.
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