ICAI issued Revised Guidance Note on Reports in Company Prospectuses [Read Guidance Note]

The Institute of Chartered Accountants of India ( ICAI ) has issued the revised Guidance on Reports in Company Prospectuses.

The Auditing and Assurance Standards Board (AASB) of ICAI had issued the “Guidance Note on Reports in Company Prospectuses” in 2006 to provide guidance to the members carrying out engagements to issue reports in prospectuses issued by companies.

The Guidance Note was revised by AASB in 2016 based on the provisions of the Companies Act 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

In September 2018, SEBI revised the earlier regulations and issued the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 wherein number of changes vis-à-vis ICDR Regulations 2009 have been made. Considering the numerous changes made by SEBI(ICDR) Regulations 2018, it was felt necessary to revise the Guidance Note earlier issued by the ICAI. It is heartening that AASB of ICAI has brought out this revised edition of the ‘Guidance Note on Reports in Company Prospectuses’ to provide appropriate guidance to the members.

The Guidance Note has been written in simple and easy to understand language and contains detailed guidance on various issues involved in such engagements.

“I am happy that the Guidance Note is a comprehensive and self-contained reference document for the members. I compliment CA. Shyam Lal Agarwal, Chairman, CA. Sanjay Vasudeva, Vice-Chairman and other members of the Auditing and Assurance Standards Board for bringing out this Guidance Note for the benefit of the members. I am sure that the members would find this Guidance Note immensely useful,” ICAI Chief CA. Naveen N.D. Gupta said.