Creative Bharat
New Delhi: To enhance the quality and the level of interactions between auditors and companies’ audit committees, NFRA chief Ajay Bhushan Prasad Pandey has said the watchdog plans to come out with six to seven papers having sets of questions that will cover various aspects of statutory audits. “The papers will also help the stakeholders […]
The National Financial Reporting Authority (NFRA), India’s independent audit regulator, has issued a new report, stressing on the need for stronger communication between auditors and audit committees regarding the audit of Expected Credit Loss (ECL) under Ind AS 109. This report is part of NFRA’s ongoing commitment to improving audit quality and ensuring transparency in […]
The National Financial Reporting Authority (NFRA), India’s independent audit regulator, has raised serious concerns over the audit practices at MSKA & Associates, one of India’s prominent audit firms, in its latest inspection report. The firm, a member of the BDO network since 2013, has been found lacking in several key areas, prompting MSKA to implement […]
The National Financial Reporting Authority (NFRA), the country’s sole independent audit regulator, has imposed a penalty of ₹2 crore on Deloitte Haskins & Sells, along with penalties on two chartered accountants for lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) during the 2018-19 and 2019-20 financial years. In its order, now made public, […]
The National Financial Reporting Authority (NFRA) has imposed a fine of Rs 2 crore on Deloitte Haskins & Sells LLP as well as penalties on two chartered accountants for lapses in the auditing of Zee Entertainment Enterprises Ltd during the 2018-19 and 2019-20 financial years. Along with slapping a fine of Rs 10 lakh, A […]
Aligning India’s auditing with global standards will help boost investors’ confidence, attract more funds and ensure greater credibility to the financial data, National Financial Reporting Authority’s chief Ajay Bhushan Prasad Pandey has said. He also asserted that the country cannot have “inferior standards” when the pursuit is to become a “Viksit Bharat”. NFRA was constituted […]
India’s apex audit regulator, the National Financial Reporting Authority (NFRA), has received backing from industry bodies, accounting firms, regulators, and academicians for its proposed revisions to the SA 600 auditing standard, which governs audits of companies with subsidiaries and associates. Sources close to the NFRA informed ETCFO that the response to the draft revisions, which […]
Auditing of companies have improved in the last three to four years, NFRA chief Ajay Bhushan Prasad Pandey has said and highlighted the need for board as well as audit committee members to engage with auditors which will help in raising red flags and prevent possible corporate failures. The National Financial Reporting Authority, constituted in […]
Atul Gala, Partner – Audit, Bhuta Shah & Co In a move set to modernise India’s auditing framework, the National Financial Reporting Authority (NFRA) on Monday has finalised and recommended 40 Standards on Auditing (SAs) and related Standards on Quality Management (SQMs) for the audit of Limited Liability Partnerships (LLPs) to the Centre. Atul Gala, […]
The National Financial Reporting Authority (NFRA) remains resolute in its stance on the revised auditing standards, particularly SA 600, which deals with group audits. However, the authority has expressed a willingness to reconsider additional remedial measures if significant evidence emerges regarding potential risks to audit diversity and concentration, sources close to NFRA told ETCFO. “We […]
