Nfra

NFRA, life insurance players discuss proposed changes in Ind AS 117

The National Financial Reporting Authority (NFRA) has held an interaction with members of the life insurance industry to discuss the proposed changes in Ind AS 117 -- accounting standard for insurance contracts. Ind AS 117 is based on high quality global standard IFRS 17, insurance contracts issued by the IASB (International Accounting Standard Board) of IFRS foundation. It is going to help investors and others to better understand insurers' risk exposure, profitability and financial position. Ind AS 117 is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities, according to an official release. "Given the importance of the insurance sector, it was important to appreciate the practices and standards followed by the industry and the expected benefits of their convergence with international standards and best practices," Ajay Bhushan Pandey, Chairperson, NFRA, said. Further, the discussions were also held with ...

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NFRA to carry out conduct audit quality inspections of Big 4 network firms

The National Financial Reporting Authority (NFRA) will carry out audit quality inspections of five audit firms, including the network entities of the Big 4, and the onsite inspections are expected to be done next month, according to a top official. "Audit quality inspections will be mutually beneficial for the audit firms as well as NFRA. It will help an independent regulator like NFRA to get feedback and also help in overall improvement of the audit profession," the watchdog's Chairperson Ajay Bhushan Prasad Pandey told PTI in an interview. To begin with, he said the regulator "will carry out inspections of five audit firms, the Big 4 network firms -- Deloitte, Haskins & Sells LLP, BSR & Co LLP, SRBC & Co LLP and Price Waterhouse Chartered Accountants LLP -- and Walker Chandiok & Co LLP". BSR & Co LLP and SRBC & Co LLP are the network firms of KPMG and EY, respectively. PwC, Deloitte, EY and KPMG are the four major global entities in the auditing space and ...

NFRA aligning to global standards but industry awaits more clarity

Experts want the authority to set some limit on the time it would spend on on-site visits

Debt-ridden IL&FS statutory auditor SRBC & Co resigns

Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has said its statutory auditor SRBC & Co has resigned with effect from September 28, 2021. "M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years," IL&FS said in a stock exchange filing. The National Financial Reporting Authority (NFRA) had earlier found serious lapses in the statutory audit of IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, for the 2017-18 fiscal, including that the company's losses were understated by at least Rs 2,021 crore. The statutory audit was conducted by SRBC & Co LLP. IL&FS further said the company has approved the appointment of CNK Associates LLP as statutory auditor for FY 2021-22. SRBC, in a statement, said it was appointed as the statutory auditor of IL&FS in September 2017 and has already served for a continuous ...

NFRA to hold talks with Corp Affairs Ministry about raising no. of members

Seeks to increase strength from 12 to 15-18 in order to build its regulatory capacity

NFRA says appointment of DHS as statutory auditor in 2017-18 'illegal'

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (SAQRR) dated December 7, 2020. The watchdog conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019. The SAQRR covers issues which were not covered in the AQR Report. According to the SAQRR, the appointment of Deloitte Haskins and Sells LLP (DHS) as the statutory auditor of IFIN for the year 2017-18 was "illegal", since the entity was not eligible to be appointed as an auditor due to violations. Those are "subsisting business relationships on the date of appointment" and "provision of non-audit services directly or indirectly" of the Companies Act, 2013. The watchdog said that DHS failed to comply with the requirements of .

Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA

The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year

NFRA to serve notice on Deloitte in IL&FS Financial Services case

NFRA would seek Deloitte's response on its findings soon

PW India won't offer non-audit service to clients governed by NFRA

These are services such as tax advisory and consulting

NFRA, RoC seek information on whistleblower complaints, says Infosys

Infosys condemned the "mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations".

NFRA: The threshold limit has to be pragmatic, says Amarjit Chopra

Bureaucracy had been pushing for the NFRA, citing examples from other countries but the political leadership resisted such move