NFRA and ICAI Collaborate on Financial Reporting Workshop
The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) jointly organized a workshop titled "Creating a Better Financial Reporting Ecosystem" in Pune on June 19, 2026. This marked NFRA's first workshop for the current financial year, with the primary objectives of enhancing professional capacity for audit practitioners, strengthening audit quality, and improving the overall quality of financial reporting in India.
The workshop was inaugurated by Shri Nitin Gupta, Chairperson of NFRA, and CA Prasanna Kumar D, President of ICAI. In his keynote address, Shri Gupta expressed satisfaction with the NFRA-ICAI collaboration and acknowledged the significant contribution of Chartered Accountants to India's growth and development over past decades. He emphasized the pivotal role of the accountancy profession in safeguarding public interest and building trust in financial reporting, while also appreciating ICAI's proactive role in strengthening member capabilities. Gupta highlighted the need for alignment with contemporary global standards and called upon audit firms, including small and medium practitioners (SMPs), to continuously enhance their competencies to become globally competitive.
CA Prasanna Kumar D, President of ICAI, noted that audit quality in financial reporting is critical for building trust and confidence among stakeholders. He emphasized that the CA profession rests on three fundamentals—excellence, independence, and integrity—and praised the workshop as a demonstration of these values in action. He expressed confidence that both organizations would continue collaborating on more workshops to strengthen and improve audit quality.
The technical program featured eminent experts delivering focused sessions on key aspects of audit practice, including Audit Strategy Documentation, Risk of Material Misstatements, Accounting Estimates, and Summary of Audit Conclusions. A panel discussion on "Strengthening Audit Quality: Global Best Practices" was also held, with experienced panelists deliberating on ways to improve audit quality. These sessions aimed to provide practical insights for improving audit quality in day-to-day professional work.
The workshop witnessed active and enthusiastic participation from a large number of audit practitioners, including both SMPs and large audit firms. This diverse participation facilitated meaningful interactions, exchange of perspectives, and discussions on audit quality challenges, enriching the overall deliberations. NFRA has been organizing similar workshops across different cities in India with consistent objectives of enhancing professional capacity and improving financial reporting quality.