This book is a comprehensive exploration of auditing standards in India, focusing on the influence of the National Financial Reporting Authority (NFRA) on these standards. It discusses the decisions of the NFRA, providing a deep understanding of the practical application of auditing standards in the Indian context.

Aimed at practitioners, academicians, and students, the book offers guidance, fosters informed discussions, and encourages adherence to high-quality auditing standards.

The Present Publication is the Latest 2024 Edition, authored by CA. Mohan R Lavi. It is published exclusively by Taxmann for KSCAA. The noteworthy features of the book are as follows:

• [Introduction to NFRA] The book opens with a detailed introduction to the NFRA, explaining its inception, objectives, and the significant impact it has had on enhancing the quality and reliability of financial reporting in India
• [Detailed Analysis] Through meticulous analysis, the book discusses the decisions made by the NFRA, offering insights into how these rulings influence and shape the auditing standards and practices in India
• [Practical Applications] By summarizing NFRA’s decisions, the book provides practical insights into the application of auditing standards, aiding auditors, corporations, and students in understanding the nuances of compliance and reporting
• [Regulatory Framework] Readers are guided through the regulatory landscape governing auditing in India, gaining a comprehensive understanding of the legal and professional frameworks that dictate auditing practices
• [Global Context] The book also touches upon international auditing standards, providing a comparative analysis that highlights the global relevance and alignment of India’s auditing practices
• [Future Outlook] A forward-looking discussion on the future of auditing and the evolving role of regulatory bodies in ensuring financial integrity and transparency is a key focus toward the end of the book
• [Expert Perspectives] Contributions from the author, who is a seasoned professional, enrich the narrative, offering readers a well-rounded perspective on the auditing field

The detailed contents of the book are as follows:

• About NFRA – An introduction to NFRA’s role, objectives, and impact on financial reporting standards in India
• NFRA Rules – Detailed examination of the rules and regulations established by NFRA and their implications for auditing practices
• Summary of NFRA Orders – In-depth analysis and summaries of significant NFRA decisions affecting the auditing landscape
• Financial Quality Review Reports – Insights into the quality review process and reports generated by NFRA, emphasizing their importance in maintaining audit quality
• Audit Quality – Exploration of the concept of audit quality, standards, and measures within the Indian context, guided by NFRA’s framework
• Non-compliance with Accounting Standards – Discussion on the implications of non-compliance with accounting standards as observed in NFRA’s orders
• Reporting Frauds – Guidelines and discussions on the role of auditors in detecting and reporting frauds, based on NFRA’s expectations and rulings
• The Future? Speculative exploration of future trends, challenges, and opportunities in auditing standards and practices