Description

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

Summary

BSE has issued a user manual for auditors detailing the procedure for submitting Action Taken Reports (also referred to as Supplementary Audit Reports) on the BSE Electronic Filing System (BEFS). This circular 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 read as Supplementary Audit Report in the system
  • Members must create auditor login IDs for eligible audit periods
  • Auditors receive login credentials via email on the ID updated by the member
  • System accessible at http://befs.bseindia.com/ (Internet Explorer required)
  • Process involves auditor confirmation, undertaking submission, and report filing
  • File nomenclature must follow specific format: ‘Und_Clg.NoSIARSEP25.pdf’
  • Reports use XBRL and XML template formats

Regulatory Changes

No new regulatory changes. This circular provides operational guidance for an existing compliance requirement.

Compliance Requirements

For Members:

  • Create auditor login ID for eligible audit periods on BEFS
  • Update auditor’s email ID on BEFS for credential delivery

For Auditors:

  1. Receive and activate login credentials
  2. Change default password upon first login
  3. Complete ‘Supplementary Auditor Confirmation’ process
  4. Select audit period from dropdown
  5. Print and sign undertaking on auditor’s letterhead
  6. Upload scanned undertaking with proper file nomenclature
  7. Download Supplementary Audit Report Template (XBRL and XML files)
  8. Enable macros and import XML file for sample data
  9. Fill General Information sheet (select ‘Auditor’ from dropdown)
  10. Validate each sheet before proceeding
  11. Complete Audit Details sheet
  12. Submit final report

Important Dates

No specific deadlines mentioned. Submission required for each eligible audit period as determined by the member.

Impact Assessment

Operational Impact:

  • Streamlines the audit compliance process through electronic filing
  • Reduces paperwork through digital submission of Action Taken Reports
  • Standardizes reporting format using XBRL/XML templates

Market Impact:

  • No direct market impact
  • Enhances transparency in audit compliance process
  • Improves ease of doing business for trading members and auditors

System Requirements:

  • Microsoft Excel 2007 or above
  • File compression software (WinZip or WinRAR)
  • Internet Explorer for accessing BEFS portal

Impact Justification

Procedural guidance for auditors on compliance reporting process. Important for audit compliance but does not directly impact trading or market operations.