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Requesting inputs on SEBI’s Consultation Paper with respect to Resignation of Statutory Auditors from Listed Entities

The Securities and Exchange Board of India (SEBI) has released a consultation paper on Resignation of Statutory Auditors from Listed Entities. According to the paper, there have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the  statutory  auditors  have  suddenly  resigned  without  completing  their assignments  for  the  year, generally citing ‘pre-occupation’ as the reason for resignation. However, resignation before completion of audit for the year seriously hampers  investor  confidence  and  leaves  them  with  lack  of reliable information for taking their financial decisions. The paper suggests certain policy  proposals with a focus on  the  following  two  aspects:

  1. Strengthening disclosures to investors
  2. Strengthening and clarifying the role of the Audit Committee

The last date for sending comments to SEBI is August 8, 2019. You are therefore requested to kindly mail us your inputs /responses latest by August 2, 2019 for us to finalize and make timely submission.  Kindly send your inputs to tejasvi@nasscom.in

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