Regulator
The National Financial Reporting Authority (NFRA) held an outreach event for auditors in Ahmedabad. The event focused on improving financial reporting, with a specific emphasis on engaging with small and medium-sized audit firms.
The National Financial Reporting Authority (NFRA) and IndiaAI have launched a competition, the Financial Reporting Compliance Challenge. It invites participants to develop AI-powered solutions for financial reporting compliance. This is an announcement for innovators and technology developers who may choose to participate. It does not impose new compliance obligations on general founders or operators.
The National Financial Reporting Authority (NFRA) and the Karnataka State Chartered Accountants Association (KSCAA) are holding an educational event in Bengaluru. This is an announcement only; no new rules or requirements are introduced.
The National Financial Reporting Authority (NFRA) has issued a guideline to strengthen the required two-way communication between a company's statutory auditors and its leadership (the Board of Directors and Audit Committee). It does not create new rules but clarifies and reinforces existing requirements under the Companies Act, 2013 and auditing standards (SAs). The document provides a detailed framework for how and when this communication should happen, what it should cover, and how it must be documented. This is a formal notice that the NFRA will be scrutinizing this area closely, based on non-compliances it has observed in recent investigations. Companies and their auditors must review their current communication practices against this framework to ensure they are in full compliance with the law. Who it applies to: * All listed companies in India. * Companies and bodies corporate specified under Rule 3 of the NFRA Rules, 2018 (generally large public interest entities). * The statutory auditors of the above companies.
The National Financial Reporting Authority (NFRA) has issued new rules for how auditors must maintain, archive, and submit their audit files. This applies to all audit firms and individual auditors who are required to file an audit report with the NFRA.
The National Financial Reporting Authority (NFRA) is conducting a survey of audit firms and a series of outreach programs. This is an information-gathering exercise for the regulator.
The National Financial Reporting Authority (NFRA) is launching a series of webinars for 2025-26. This is an informational initiative; attendance is not mandatory.
The National Financial Reporting Authority (NFRA) has released a new 'Audit Practice Toolkit'. This is a resource to help auditors improve the quality of their work. It provides guidance and best practices for conducting audits.
The NFRA held a workshop in Indore for Small and Medium Audit Practitioners (SMPs) from the Madhya Pradesh region. The event was part of a series to discuss audit quality, professional standards, and best practices. The NFRA encouraged attendees to file their NFRA-2 returns on time and to participate in the Audit Firms Survey 2025. This is an informational notice about a past event; it does not announce new rules or requirements.
The National Financial Reporting Authority (NFRA) has published a new guide for auditors and audit committees. It suggests questions that audit committees and boards of directors should ask their auditors about how they audit the impairment of non-financial assets (like goodwill or property). The guide is based on existing accounting and auditing standards (Ind AS 36 and SA 540). Its purpose is to improve communication and audit quality.
The National Financial Reporting Authority (NFRA) held a workshop in Hyderabad for small and medium-sized audit firms. The event covered topics like audit quality, professional standards, and adapting to technology. The NFRA also used the event to remind firms to complete their annual NFRA-2 filings and to participate in its 2025 Audit Firms Survey.
This is an announcement from the NFRA about a series of workshops and an audit survey. It does not change any rules or requirements. The NFRA is hosting outreach programmes in various cities, starting in Hyderabad on 26 September 2025, to engage with audit professionals, discuss best practices, and gather feedback. The announcement also notes that the NFRA has launched an 'Audit Firms Survey 2025' to collect insights on audit quality. Participation is voluntary. This is for informational purposes only.
The National Financial Reporting Authority and Indian Institute of Corporate Affairs have launched a second four-month training course for audit committee members and independent directors. This is an educational initiative under an existing partnership; it does not create new mandatory obligations or change rules for companies or directors. The program aims to build knowledge in financial oversight, risk management, and corporate governance for individuals serving in those roles.
A new Chairperson and three new Full-Time Members have been appointed to lead the National Financial Reporting Authority (NFRA).
The National Financial Reporting Authority (NFRA) and IIT Kanpur held a hackathon for students on March 28-29, 2025, to develop AI tools for simplifying financial statements. This is an announcement of a past event and does not create new requirements for founders or operators.
The National Financial Reporting Authority (NFRA) has published the first in a planned series of guidance documents intended to improve communication between auditors and company audit committees. This first document focuses on the audit of Expected Credit Losses (ECL) under the accounting standard Ind AS 109. It suggests questions that audit committees and boards of directors should be asking their auditors regarding accounting estimates and judgments.
The National Financial Reporting Authority has finalized and recommended 40 Standards on Auditing and related Standards on Quality Management to the Central Government. If approved by the government, these standards will apply to the audit of Limited Liability Partnerships, making them subject to the same auditing standards as companies.
The National Financial Reporting Authority (NFRA) recommends that the Central Government adopt revised quality management and auditing standards, aligning them with global standards. The changes primarily affect auditors, particularly those auditing Public Interest Entities (PIEs), and include proposals to make joint auditors jointly and severally liable. The standards are recommended to take effect from April 1, 2026.
The NFRA and IICA have signed an agreement to create new training courses for audit committee members and auditors. The first course, a four-month program for audit committee members, is scheduled to start in the last week of December 2024. A separate six-month program for auditors of listed companies is also being planned.
This document clarifies the existing legal obligations for auditors conducting group audits (audits of companies with subsidiaries or branches). It states that principal auditors are fully and ultimately responsible for the entire group audit opinion and cannot avoid this duty by relying on the work of other auditors. It clarifies that the word 'should' in the relevant auditing standard (SA 600) is not a suggestion but a mandatory requirement. Auditors must actively coordinate with, assess the work of, and evaluate the competence of other auditors. They must also obtain sufficient evidence to support their overall opinion and cannot claim client confidentiality to avoid reviewing other auditors' work papers.