Description

User manual for auditors to submit Action Taken Reports (Supplementary Audit Reports) on BSE Electronic Filing System (BEFS) for non-compliances identified in Internal Audit Reports.

Summary

BSE has issued a detailed user manual for auditors to submit Action Taken Reports (also referred to as Supplementary Audit Reports) through the BSE Electronic Filing System (BEFS). This manual provides step-by-step instructions for auditors to report actions taken on non-compliances identified in Internal Audit Reports.

Key Points

  • Action Taken Report is synonymously referred to as Supplementary Audit Report in BEFS
  • Member firms create auditor login IDs for eligible audit periods
  • Auditors receive login credentials via email for the latest audit period
  • System requires Microsoft Excel 2007 or above and file compression software (WinZip/WinRAR)
  • Process involves downloading XBRL and XML templates, filling required information, and uploading signed undertakings
  • Auditors must submit undertakings on their letterhead with proper file nomenclature format: ‘Und_Clg.NoSIARSEP25.pdf’
  • BEFS portal accessible at http://befs.bseindia.com/ (Internet Explorer)

Regulatory Changes

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

Compliance Requirements

For Auditors:

  1. Login to BEFS using credentials provided by member firms
  2. Change default password upon first login
  3. Complete ‘Supplementary Auditor confirmation’ process
  4. Select appropriate audit period from dropdown
  5. Download and fill XBRL template with audit details
  6. Import XML file to populate sample data in XBRL
  7. Complete ‘General Information’ sheet (select ‘Auditor’ from dropdown)
  8. Validate each sheet before proceeding to next section
  9. Fill ‘Audit Details’ sheet after validating General Information
  10. Generate PDF of filled details and print on auditor’s letterhead
  11. Upload scanned, signed, and stamped undertaking with proper nomenclature
  12. Submit final report through BEFS portal

For Member Firms:

  • Create auditor login IDs for eligible audit periods
  • Ensure correct email IDs are updated on BEFS for auditor credential delivery

Important Dates

No specific deadlines mentioned. The circular provides procedural guidance applicable to ongoing audit period submissions.

Impact Assessment

Operational Impact: Medium - Streamlines the compliance reporting process for auditors and member firms through standardized electronic filing procedures.

Market Impact: Low - This is an internal compliance process that does not directly affect trading activities or market operations.

Stakeholder Impact: Affects auditors and member firms who must follow the prescribed BEFS submission process for Action Taken Reports on internal audit non-compliances. The detailed manual should reduce confusion and improve submission accuracy.

Impact Justification

Procedural guidance for auditors submitting Action Taken Reports through BEFS. Important for compliance workflow but does not directly impact market operations or trading.