NFRA’s Auditor-Audit Committee Interaction Series | Enhancing Audit Quality and ECL Framework Implementation
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- Last Updated on 13 January, 2025
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The NFRA has launched the auditor-audit committee interaction series to improve audit quality and financial reporting, focusing initially on the Expected Credit Loss (ECL) framework under Ind AS 109. ECL, a forward-looking model, emphasizes early credit risk identification and applies to financial assets like loans, advances, and trade receivables. This approach involves complex judgments, robust methodologies, and collaboration among auditors, management, and experts. Audit committees are tasked with reviewing ECL models, assumptions, and controls while ensuring compliance with auditing standards like SA 540 and SA 701. NFRA highlights the need for strong internal controls, IT systems, and adherence to guidance from regulatory bodies like RBI. This initiative aims to enhance transparency, align financial reporting with global standards, and build public trust in financial statements.
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