class="MsoNormal" style="text-align: justify;">The National Financial Reporting Authority (NFRA) on April 28, 2020 has issued the draft procedure for submission of audit files to the NFRA, applicable to all the chartered firms under the Companies Act, 2013 and NFRA Rules, 2018.
The entities are free to follow electronic, manual or hybrid methods of maintaining audit files, the final Audit File submitted to NFRA, has to be compiled in an electronic format conforming to the minimum requirements. However, proper integrity is to be maintained while submitting the records electronically. The pdf file that is to be submitted should be duly scanned and submitted according to the standard requirement of 300 dots per inch. There should be an index page formulated in the scanned file denoting the contents specified under the document. An audit log is to be maintained by the IT staff of the entity and such records are to be properly encrypted to maintain the authenticity and the integrity. Such procedures are applicable until the further notice of revocation by the government.
The NFRA invites comments from regulated entities on this draft procedure by May 31, 2020. The comments, if any, should be mailed to [email protected] and shall contain full contact details of the sender including name, mobile number, professional address and membership number. It is clarified that the comments without these minimum identification requirements will not be considered.
[Notice No. NF-20011/3/2020]
