The regulatory updates publication issued by the Foundation for Audit Quality (FAQ)
highlights the latest developments in accounting, auditing and regulatory developments in
India and internationally.
Regulatory updates for September 2022
Recently, the Ministry of Corporate Affairs (MCA) issued the Companies (CSR Policy)
Amendment Rules, 2022. Some of the significant amendments issued in this regard include:
-
Constitution of CSR Committee by a company having amounts in its unspent CSR
account,
- Omission of Rule 3(2) of the Companies (CSR Policy) Rules, 2014,
- Clarification on the category of entities that can implement CSR activities,
-
Change in the limit of expenditure incurred on impact assessment that can be
considered as CSR spend, and
- Change in the format for annual report on CSR activities.
Additionally, the Institute of Chartered Accountants of India (ICAI) has mandated the
evaluation of audit quality maturity for certain firms using AQMM Revised Version 1.0 with
effect from 1 April 2023. In order to help firms to self-evaluate their audit maturity level, ICAI
has also come out with an Implementation Guide (IG). The IG has been issued in the form
of various implementation clues, which are practice based.
This issue of the regulatory updates publication covers some of the important updates on
accounting, auditing and regulatory matters for the period from
1 September 2022 to 30
September 2022.
It also highlights some of the action points that auditors may consider
when applying the relevant provisions.
International publication
Download PDF for the month of September 2022
