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NFRA issues Draft Procedure for Submission of Audit Files
Auditors barred from putting a value on companies they are auditing
Standard on Internal Audit (SIA) 18, Related Parties
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Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement


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NFRA issues Draft Procedure for Submission of Audit Files

May, 01st 2020
The National Financial Reporting Authority (NFRA) on Tuesday issued a notice of draft Procedure for Submission of Audit Files to NFRA. The board seeks to invite comments from regulated entities on the Draft Procedure for Submission of Audit Files. The comments should be mailed to social@nfra.gov.in before the 31st of May, 2020. The email shall contain full contact details of the sender including name, mobile number, professional address, and membership number. Comments without these minimum identification requirements will not be considered,” the notice said. The procedures are applicable to all audit firms of chartered accountants covered under the jurisdiction of the National Financial Reporting Authority (NFRA) as laid down vide Section 132 of the Companies Act, 2013, read with NFRA Rules 2018. These procedures govern the submission of Audit Files to NFRA and are issued under the mandate given to NFRA by the Companies Act 2013, and to discharge the functional responsibilities defined under NFRA Rules 2018, particularly under Rule 8 (1). The notice directs all the entities to submit their audit files in an electronic format to NFRA. “Though entities are free to follow electronic, manual, or hybrid methods of maintaining audit files, the final Audit File submitted to NFRA has to be compiled in an electronic format conforming to the minimum requirements mentioned in this document. Care should be taken to maintain the integrity, authenticity, readability, and completeness of the records while converting to or preserving in an electronic format,” the authority stated. “NFRA will only accept files in the formats of Portable Document Format (PDF), MS Word, MS Excel or MS PowerPoint, or any equivalent file formats, or any combination of the same. Other file formats (e.g.: MOV, AVI, MP4, etc.) will be accepted in the original/native format if the conversion of such files into PDF is either not possible or such conversion will compromise the integrity/ authenticity/ readability/ completeness of such files/information in the files,” the notice said.