Description

User manual for auditors to submit Action Taken Reports (Supplementary Audit Reports) for non-compliances reported in Internal Audit Reports through the BEFS platform.

Summary

BSE has issued a detailed user manual for auditors to submit Action Taken Reports (also referred to as Supplementary Audit Reports) for non-compliances reported in Internal Audit Reports through the BSE Electronic Filing System (BEFS). The circular provides step-by-step instructions for auditors to complete the submission process using the BEFS platform.

Key Points

  • Action Taken Report is also referred to as Supplementary Audit Report in the system
  • Member creates auditor login ID for eligible audit period; auditor receives credentials via email
  • Submission requires Microsoft Excel 2007 or above and file compression software (WinZip/WinRAR)
  • Auditors must access BEFS at http://befs.bseindia.com/ using Internet Explorer
  • Process includes auditor confirmation, undertaking upload, and template-based report submission
  • Undertaking must be uploaded on auditor’s letterhead with proper file nomenclature: ‘Und_Clg.NoSIARSEP25.pdf’
  • Template includes XBRL and XML files for data entry and validation

Regulatory Changes

No new regulatory changes introduced. This circular provides procedural guidance for existing compliance requirements related to internal audit report submissions.

Compliance Requirements

For Auditors:

  1. Login and Access: Receive login credentials from member and access BEFS platform
  2. Password Change: Change default password upon first login
  3. Auditor Confirmation: Complete supplementary auditor confirmation for selected audit period
  4. Undertaking Submission: Upload scanned undertaking on letterhead, duly signed and stamped, with specific file nomenclature
  5. Report Filing: Download template (XBRL and XML files), fill in required data, validate sheets, and submit
  6. Data Entry: Complete ‘General Information’ sheet selecting ‘Auditor’ option and fill ‘Audit Details’ sheet
  7. Template Usage: Enable macros, import XML file for sample data, and validate before submission

Technical Requirements:

  • Microsoft Excel version 2007 and above
  • File compression software (WinZip or WinRAR)
  • Internet Explorer browser for BEFS access

Important Dates

No specific deadlines mentioned. Process applies to eligible audit periods as determined by member-created auditor login IDs.

Impact Assessment

Operational Impact:

  • Medium Impact on Auditors: Requires familiarity with BEFS platform and specific filing procedures
  • Process Streamlining: Electronic filing system aims to ease compliance burden
  • Technical Requirements: Specific software and browser requirements may require preparation

Market Impact:

  • Low Direct Market Impact: Procedural guidance does not affect trading operations or market participants
  • Compliance Enhancement: Supports better tracking and reporting of non-compliance issues identified in internal audits

Administrative Impact:

  • Clear procedural guidance reduces ambiguity in submission process
  • Template-based approach with validation features helps ensure data accuracy
  • Electronic system improves efficiency compared to manual submission processes

Impact Justification

Procedural guidance for auditors on compliance reporting through BEFS platform; affects audit and compliance processes but does not introduce new regulatory requirements or impact trading operations