NFRA Constitutes Advisory Committee on Audit Quality, Assurance and Technology
The National Financial Reporting Authority (NFRA) has constituted an Advisory Committee on Audit Quality, Assurance and Technology under Rules 15 and 16 of the NFRA Rules 2018. The Committee comprises eminent experts from various stakeholder groups including professionals, CFOs, audit committees, independent directors, technology experts, regulators and industry representatives. This is the third such committee; the first Technical Advisory Committee was constituted in 2020 and ended in December 2022.
Why It Matters
Relevant for candidates preparing for government and regulatory affairs exams, particularly those covering Indian financial regulation, auditing standards, and governance structures under NFRA.
In Simple Words
NFRA has formed a new Advisory Committee to improve audit quality and assurance practices. The committee includes experts from different areas—auditors, finance officers, technology specialists, and regulators—who will advise on matters affecting audit quality.
This is NFRA's third advisory committee. An earlier Technical Advisory Committee ran from 2020 to December 2022. In July 2024, NFRA also created an Advisory Group focused on auditor-audit committee resources and outreach.
Key Points
- NFRA constituted Advisory Committee on Audit Quality, Assurance and Technology under Rule 15 and Rule 16 of NFRA Rules 2018
- Committee comprises eminent experts from professionals, CFOs, audit committees, independent directors, technology experts, regulators and industry
- This is the third such committee formed by NFRA
- First Technical Advisory Committee was constituted in 2020 and ended in December 2022
- In July 2024, NFRA constituted an Advisory Group on Auditor-Audit Committee resources
- Committee aims to provide inputs and suggestions on matters affecting audit quality
- Details available on NFRA website
Exam Angle
A. Rule 15 and Rule 16 of National Financial Reporting Authority Rules 2018
Source: Press Information Bureau