Auditing Standards notification

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 26/06/2023

NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

No further deferment of Standard on Auditing 701 (SA 701): MCA

F. No. 01/33/2013-CL.V (Pt.) 12/04/2019

Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time for preparedness the said applicability d...

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