The National Financial Reporting Authority (NFRA) has constituted an Advisory Committee on Audit Quality, Assurance and Technology under the authority granted by Rule 15 and Rule 16 of the National Financial Reporting Authority Rules 2018. These rules authorize NFRA to form committees, study groups, and task forces for effective performance of its functions under the Act, and to undertake measures for promoting awareness and significance of auditing and accounting standards and audit quality.
The newly constituted committee comprises eminent experts representing various stakeholder groups of NFRA, including professionals, CFOs, audit committees, independent directors, technology experts, regulators, and industry representatives. The committee's mandate is to provide inputs and suggestions on matters that have significant bearing on audit quality.
This Advisory Committee represents the third such committee formed by NFRA. The first was the Technical Advisory Committee, which was constituted in 2020 and whose term ended in December 2022. In July 2024, NFRA had constituted an Advisory Group of eminent experts to advise on Auditor-Audit Committee resources, comprising the Auditor-Audit Committee Interaction (Staff) Series and outreach activities with Audit Committees and Independent Directors.
Additional details about both the Advisory Group and the new Advisory Committee are available on the NFRA website at https://nfra.gov.in/advisory-groups-committees-of-nfra/.