Description

User manual for auditors detailing the procedure for submitting Action Taken Reports (supplementary audit reports) on BEFS platform for non-compliances identified in internal audit reports.

Summary

BSE has issued a user manual for auditors explaining the process for submitting Action Taken Reports (also referred to as Supplementary Audit Reports) on the BSE Electronic Filing System (BEFS). This process is required for reporting actions taken on non-compliances identified in Internal Audit Reports. The circular provides step-by-step instructions for auditors to create login credentials, submit auditor confirmations, and file supplementary audit reports using XBRL templates.

Key Points

  • Action Taken Report can be read as Supplementary Audit Report
  • Members must create auditor login IDs for eligible audit periods
  • Auditors receive login credentials on their registered email IDs
  • System requires Microsoft Excel 2007 or above and file compression software
  • Submission involves multiple steps including auditor confirmation and report filing
  • Reports must be submitted through BEFS platform at http://befs.bseindia.com/
  • Process requires Internet Explorer browser
  • Auditors must upload signed and stamped undertaking on their letterhead
  • Specific file nomenclature required: ‘Und_Clg.NoSIARSEP25.pdf’
  • XBRL and XML templates must be used for data submission

Regulatory Changes

No new regulatory changes introduced. This circular provides procedural guidance for existing compliance requirements related to internal audit reporting and action taken on identified non-compliances.

Compliance Requirements

For Members:

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

For Auditors:

  • Access BEFS using credentials provided by members
  • Change default password upon first login
  • Complete ‘Supplementary Auditor Confirmation’ process
  • Select appropriate audit period from dropdown
  • Generate and print auditor details PDF
  • Upload scanned copy of undertaking on auditor’s letterhead (signed and stamped)
  • Follow specific file naming convention for undertaking
  • Download Supplementary Audit Report Template (XBRL and XML files)
  • Enable macros in XBRL file
  • Import XML file to populate sample data
  • Fill ‘General Information’ sheet selecting ‘Auditor’ option
  • Validate each sheet before proceeding
  • Complete ‘Audit Details’ sheet after validation
  • Submit final report through BEFS platform

System Requirements:

  • Microsoft Excel version 2007 or above
  • WinZip or WinRAR for file extraction
  • Internet Explorer browser for BEFS access

Important Dates

No specific deadlines mentioned. The process applies to eligible audit periods as determined by the member when creating auditor login credentials.

Impact Assessment

Market Impact: Low - This is a procedural circular with no direct market impact

Operational Impact: Medium - Affects auditors and trading members who must follow the prescribed process for compliance reporting

Compliance Impact: Medium - Provides necessary guidance to ensure proper submission of Action Taken Reports, helping members and auditors meet regulatory obligations

Target Audience:

  • Auditors conducting internal audits for BSE members
  • BSE trading members responsible for compliance
  • Compliance officers managing audit-related filings

The circular streamlines the compliance process by providing detailed, illustrated instructions for electronic filing, supporting BSE’s ease of doing business initiatives.

Impact Justification

Procedural guidance for auditors and members on compliance filing. Important for regulatory adherence but operational in nature without immediate market impact.