The National Financial Reporting Authority (NFRA) on October 03, 2024, issued a circular regarding the responsibilities of the Principal Auditor and Other Auditors in Group Audits.
The following has been stated namely: -
• This shall apply to the auditors of all entities covered under Rule 3 of NFRA Rules 2018 to prevent the recurrence of audit failures and loss of confidence in the audit of Public Interest Entities (PIEs).
• It seeks to promote awareness to ensure effective compliance with the existing auditing standards.
• It states that the overall objectives of financial statement audits are the same for both Principal Auditors and Component/Other Auditors, requiring them to obtain reasonable assurance of the financial statements' accuracy and report findings, regardless of specific auditing standards.
Refer to the attached document for the detailed notification.
[Notification no. - NF- 25013/2/2023-O/o Secy-NFRA]
