The National Financial Reporting Authority (NFRA) has commenced issuing audit practice toolkits with a focus on supporting the small and medium practitioners engaged in the audits. This initiative is part of NFRA’s systemic drive to continue to support the overall quality of auditing practices in India. This is in continuation of NFRA’s recent initiatives to conduct outreach programmes for audit firms and audit practitioners, especially focusing on small and medium practitioners.

NFRA has issued this audit practice toolkit with regards to fundamental and critical aspect of the audit i.e., development and document of audit strategy commensurate with the risk profile of the auditee entity. This toolkit is intended to be a sample document which is scalable and adaptable to different sizes and industry category of the auditee companies.

During the rest of the financial year, NFRA plans to issue similar audit practice toolkits in a few other significant audit areas. The toolkits are available on NFRA website at the link -

https://nfra.gov.in/nfra-audit-strategy-memorandum-sample-document-03-11-25/

 

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