Summary: The National Financial Reporting Authority (NFRA) has constituted an Advisory Committee on Audit Quality, Assurance and Technology comprising eminent experts from different stakeholder groups to provide inputs and suggestions on matters having a significant bearing on audit quality. The Committee has representation from professionals, CFOs, Audit Committees, Independent Directors, technology experts, regulators and industry. NFRA stated that the Committee has been constituted in keeping with Rule 15 and Rule 16 of the National Financial Reporting Authority Rules, 2018, which enable it to constitute advisory committees, study groups and task forces for effective performance of its functions and undertake measures for promoting awareness and significance of auditing and accounting standards and audit quality. This is the third such Committee constituted by NFRA. The first was the Technical Advisory Committee constituted in 2020, whose term ended in December 2022. In July 2024, NFRA had also constituted an Advisory Group of eminent experts to advise on Auditor-Audit Committee resources, including the Auditor-Audit Committee Interaction (Staff) Series and outreach activities with Audit Committees and Independent Directors. Details of the Advisory Group and Advisory Committee are available on the NFRA website.
National Financial Reporting Authority
NFRA Constitutes Advisory Committee on Audit Quality, Assurance and Technology
Posted On: 04 SEP 2026 8:17PM by PIB Delhi
In keeping with Rule 15 and Rule 16 of National Financial Reporting Authority Rules 2018, which authorises National Financial Reporting Authority (NFRA) to form committees, study groups and task forces for effective performance of its functions under the Act, and undertake suitable measures for promotion of awareness and significance of auditing and accounting standards and audit quality, NFRA has constituted an Advisory Committee on Audit Quality, Assurance and Technology, comprising eminent experts from various fields to provide inputs and suggestions on matters that have a significant bearing on audit quality.
The Committee comprises of eminent experts, representing various stakeholder groups of NFRA- Professionals, CFOs, Audit Committees, Independent Directors, Technology Experts, Regulators and Industry.
This Advisory Committee is the third such Committee, the first being the Technical Advisory Committee, that was constituted in 2020 and whose term ended in December 2022.
In July 2024, NFRA had constituted an Advisory Group of eminent experts to advise on Auditor-Audit Committee resources, comprising the Auditor-Audit Committee Interaction (Staff) Series and outreach activities with Audit Committees and Independent Directors.
The details of the Advisory Group and Advisory Committee can be found on NFRA website at (https://nfra.gov.in/advisory-groups-committees-of-nfra/).
Advisory Committee on Audit Quality, Assurance and Technology
| S. No. | Members | Capacity |
|---|---|---|
| 1 | Mr Amit Jain-Technical Architect, iSPIRT Foundation (Profile) |
Member |
| 2 | Mr Ananth Narayan, Ex Whole-Time Member, SEBI (Profile) |
Member |
| 3 | Mr Bharat Goenka-CFO, Hindalco Industries (Profile) |
Member |
| 4 | Mr Milind Sarwate -Advisor, Mentor, ESG Contributor & Independent Director (Profile) |
Member |
| 5 | Mr M P Vijay Kumar, Executive Director & CFO, Sify Technologies (Profile) |
Member |
| 6 | Mr Robin Banerjee- Chairman, Nucleon Research Pvt. Ltd. (Profile) |
Member |
| 7 | Mr Sanjeev Sood, Chief Assurance Executive, Axis Max Life Insurance (Profile) |
Member |
| 8 | Ms Sharmila Abhay Karve, Independent Director (Profile) |
Member |
| 9 | Ms Shyamala Gopinath-Ex-Deputy Governor, RBI & Independent Director (Profile) |
Member |
(Names are in alphabetical order)
Terms of reference
In an advisory capacity, the Committee may provide expert advice and inputs to NFRA on the following matters:
- The implementation and consistent application of the Standards on Auditing, the Standards on Quality Control and Quality Management, related assurance and review standards, and the applicable ethical requirements, including questions arising from their adoption in practice.
- The identification of audit areas, sectors and emerging risks that may warrant thematic or sectoral focus.
- The governance of, and the risks and practical implementation issues arising from, the use of data analytics, automation, artificial intelligence and machine learning in the conduct of audits.
- Cybersecurity and cloud-related risks affecting audit platforms, the integrity and confidentiality of audit documentation, and the security of client data.
- The audit implications of audited entities’ technology environments, including enterprise resource planning (ERP) systems, automated and application controls, application programming interfaces (APIs), system logs, digital-payment systems, blockchain and distributed-ledger systems, and cloud environments.
- Inputs on outreach, stakeholder engagement and staff publications, including guidance material, frequently asked questions and staff papers on matters within the Committee’s remit, as above.
