Is the compliance officer required for the audit if we have no terminals, devices, or trading activity?
No, it is not mandatory for the compliance officer to be part of the AP audit. However, the audit itself is mandatory for all registered Authorized Persons. Even if there are no devices, terminals, or trading activity, all regulatory requirements must still be complied with. There is no requirement to show devices if none have been taken or used.
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What documents are required for the audit?
A questionnaire in Word format will be emailed to you. You are required to fill it out, sign it, and send it back along with the following documents: Bank account statements (last 12 months) Demat account statements (last 12 months) The auditor will ...
Do we need to show terminals in audit if none are registered AP?
No, if you don’t have any terminals registered, you are not required to show terminals during the audit. However, auditors may verify this, so be prepared to confirm that no terminals are in use.
Why savings account required for audit if AP run a proprietorship firm with many transactions?
In the case of a proprietorship, the firm and the individual share the same PAN, meaning they are legally treated as the same entity. Therefore, both personal and business bank accounts fall under the scope of audit and must be submitted as part of ...
How many months of bank statements are required for the audit?
Bank statements are required from the date of the last audit up to the date of the current audit. Ensure all statements within this period are complete and readily available for review.
Do demat rules apply only to the AP or also to staff with trading terminals?
Demat and trading compliance rules apply to any individual operating a terminal, including staff. If a staff member has terminal access, they must operate only under the AP’s registration and strictly on behalf of the AP during market hours. Personal ...