The National Financial Reporting Authority (NFRA) has constituted an Advisory Committee on Audit Quality, Assurance and Technology. This is the third such committee formed by NFRA, aimed at offering insights on matters significantly impacting audit quality.
In accordance with Rules 15 and 16 of the National Financial Reporting Authority Rules 2018, the authority has established an Advisory Committee on Audit Quality, Assurance and Technology. The committee is mandated to provide suggestions and insights on matters that have a substantial impact on audit quality. The newly formed body comprises eminent experts from various sectors, including professionals, chief financial officers (CFOs), audit committees, independent directors, technology experts, regulators, and industry representatives. These experts are chosen based on their expertise in the respective fields relevant to NFRA's functions under the Act.
This Advisory Committee is the third such committee established by NFRA; the first being the Technical Advisory Committee, which was constituted in 2020 and concluded its term in December 2022. The Technical Advisory Committee was instrumental in promoting awareness and significance of auditing and accounting standards.
Previously, in July 2024, NFRA had also constituted an Advisory Group of eminent experts to advise on Auditor-Audit Committee resources, encompassing the Auditor-Audit Committee Interaction (Staff) Series and outreach activities with audit committees and independent directors. The details about the advisory groups and committees can be found on the NFRA website at https://nfra.gov.in/advisory-groups-committees-of-nfra/.
Source:
Press Information Bureau
