Taxmann's Advisory & Research’s Post

#TaxmannAnalysis #SEBI On December 12, 2024, SEBI introduced significant amendments to the LODR Regulations, 2015, focusing on enhancing corporate governance, simplifying compliance, and ensuring greater transparency among listed entities. These measures ensure stronger governance and timely compliance across the corporate ecosystem. The key amendments include: ‣ Exemptions for Certain Related Party Transactions ‣ Strengthening the Role of Compliance Officers ‣ Clarifications on Board Appointments and Age-Related Criteria for Non-Executive Directors ‣ Board and Audit Committee Meeting Requirements ‣ Mandating Peer-Reviewed Secretarial Audits ‣ Enhanced Disclosure Timelines for Financial Results and Board Decisions ‣ Updated Protocols for AGM Notices ‣ Web-Linking Annual Reports ‣ Reduced Timelines for Record Date Notifications ‣ Expanded Transparency Obligations for Listed Entities Download/Read More: https://lnkd.in/dWmyiZpn [23 Mins | Read Time] Drafted by Taxmann's Advisory and Research Team | Corporate Laws #TaxmannUpdates #TaxmannAdvisory #LODRRegulations #ListedEntities #RPTs

#TaxmannAnalysis #SEBI On December 12, 2024, SEBI introduced significant amendments to the LODR Regulations, 2015, focusing on enhancing corporate governance, simplifying compliance, and ensuring greater transparency among listed entities. These measures ensure stronger governance and timely compliance across the corporate ecosystem. The key amendments include: ‣ Exemptions for Certain Related Party Transactions ‣ Strengthening the Role of Compliance Officers ‣ Clarifications on Board Appointments and Age-Related Criteria for Non-Executive Directors ‣ Board and Audit Committee Meeting Requirements ‣ Mandating Peer-Reviewed Secretarial Audits ‣ Enhanced Disclosure Timelines for Financial Results and Board Decisions ‣ Updated Protocols for AGM Notices ‣ Web-Linking Annual Reports ‣ Reduced Timelines for Record Date Notifications ‣ Expanded Transparency Obligations for Listed Entities Download/Read More: https://lnkd.in/dWmyiZpn [23 Mins | Read Time] Drafted by Taxmann's Advisory & Research Team | Corporate Laws #TaxmannUpdates #TaxmannAdvisory #LODRRegulations #ListedEntities #RPTs

Really interesting new today that the government has decided to press ahead with the introduction of the Audit, Reporting and Governance Authority or ARGA for short. This short update has the details for those following this topic.

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

The Draft Audit Reform and Corporate Governance Bill will replace the Financial Reporting Council (FRC) with a new #regulator – the Audit, Reporting and Governance Authority (ARGA) – with the powers it needs to tackle bad financial reporting and to rebuild public trust in #audit. The government said the new statutory regulator will ‘form a platform for other important changes’, including: ➡️ a wider remit ➡️ removing unnecessary rules on smaller public interest entities ➡️ powers to investigate and sanction company directors for serious failures in relation to their financial reporting and audit responsibilities ➡️ a regime to oversee the audit market and protect against conflicts of interest at audit firms; and ➡️ build resilience so quality audit is available to all companies that need it The draft Bill is expected to apply UK-wide; however, there is no timetable for the Bill as yet.

The financial reporting requirements for Dutch listed entities are laid down in various laws and regulations, each with its own scope. In this publication, we list the requirements for different categories of listed entities for financial years starting on or after January 1, 2024. Ensure compliance and use this essential guide for your reporting process: https://deloi.tt/3CfbLyc #FinancialReporting #Compliance #DutchListedEntities

📊 Navigating Regulatory Changes in Auditing & Accounting Stay ahead in the auditing and accounting sectors by understanding recent regulatory changes. Learn how these changes impact compliance requirements and discover best practices for adapting to new regulations. Staying informed helps you maintain accuracy and integrity in financial reporting. 🔍 Key Takeaways: Understand recent changes in regulations. Ensure compliance with updated standards. Implement best practices for financial accuracy. 🔗 For more information on our service offerings, visit: ramuedzisi.co.za #RegulatoryCompliance #TeamRamuedzisi #ServingExcellence

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

IRBA NEWS: Innovative Leadership: IRBA’s Impact on Regulatory Oversight ✨ Today marks a significant milestone for the Independent Regulatory Board for Auditors (IRBA) as we present our first-ever Reportable Irregularities Report. This groundbreaking initiative, driven by the vision of our CEO, Imre Nagy, sets a new standard in enhancing transparency and bolstering stakeholder confidence in the audit process. Imre’s commitment to public interest and his leadership in strengthening regulatory oversight continue to drive innovation in effective regulation of the profession. 💡 This report, a testament to modern regulatory advancements, was spearheaded by our Director of Legal, Rebecca Motsepe. Her team’s deep dive into the trends and analyses of Reportable Irregularities (RIs) over the past five years provides invaluable insights into risk areas requiring intensified scrutiny. Notably, ongoing breaches of the Companies Act and Income Tax Act have seen a dramatic rise, highlighting critical areas where regulatory oversight must be reinforced. 📊 The RI process empowers registered auditors to hold management and boards accountable for irregularities, supporting effective governance across South Africa’s corporate landscape. This report is designed to equip auditors, audit committees, boards, law enforcement agencies, regulators and investors with a deeper understanding of the challenges and areas for improvement, fostering a culture of transparency, accountability and collaboration. 👏 This report is just the beginning of IRBA’s journey toward a more transparent and accountable regulatory environment. Together, our dedication to innovation is redefining the future of audit oversight. #LeadershipInAction #RegulatoryExcellence #InnovationInAudit #TransparencyMatters #IRBA #ReportableIrregularities #TrustIsOurCurrency [READ THE FULL REPORT HERE] https://bit.ly/3AIZwtu

🔍 New Regulations Impacting Srls (Italian Limited companies). 🔍 A recent communication from the Registrar of Companies of Florence has brought forth pivotal inquiries for Limited Liability Companies (SRLs) neglecting to designate a control body or auditor, notwithstanding surpassing statutory thresholds. Codice della Crisi (Bankruptcy Code) mandates the assignment of a control body or auditor for SRLs meeting specific criteria, including the obligation to prepare consolidated financial statements or surpassing financial and employment benchmarks (set at low levels) for two consecutive fiscal periods. What is remarkable here it is the inability for Srls to file financial statements for the fiscal year (e.g., 2023 financial statements) with the Registrar of Companies, if they have not appointed of a designated auditing body or auditor, despite having an obligation to do so. In a framework where regulatory adherence and financial surveillance carry paramount significance, it is imperative for affected SRLs to promptly address compliance with relevant statutes and uphold sound corporate governance.   #Srls #CorporateGovernance #FinancialCompliance #RegulatoryOversight #DGtax