1. 30.4.2022 (Saturday) is the last date for Cos to file form MSME-1 for the period Oct 21 to Mar 22 to disclose dues of more than 45 days to MSME Suppliers.
2. A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries.
3. The panel, whose recommendations were released for public comments, has suggested joint audits for certain classes of companies, in addition to specifically providing for forensic audit under the law.
4. The NFRA has taken away some of the powers that earlier vested with the Institute of Chartered Accountants of India when it came to regulating CAs and taking disciplinary action.
5. Parliamentary standing committee on finance has pitched for providing a credit card to MSME entrepreneurs on the lines of Kisan credit cards, putting in place a mechanism for payment scores and a significant ramp up of SIDBI to ensure access to regular credit to small businesses.