Earlier fake news was spreading regarding the extension of the financial year from 31st March to 30th June. However, the government has made various clarifications and clearly said that “There is no extension in the financial year closure that is it will remain the same “year ending on 30th March”. The financial year is not extended to 30th June”.
But, due to Pandemic Coronavirus, it seems to be necessary to extend the due date of statutory audits and other compliances. Therefore, The Institute of Chartered Accountants of India (ICAI) has made a request to the government for relaxation in statutory filings/audit and other compliances by 60 days due to Pandemic Coronavirus.
Here is the request made by ICAI:
ICAI has approached to various Regulators requesting for relaxation in statutory filings Audit and other compliance due to on-going spurt of Covid-19.
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.
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 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