NFRA’s Chairman Highlights Significant Improvements in Audit Quality
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- By Taxmann
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- Last Updated on 3 March, 2025
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At the Business Standard’s Manthan 2025 summit, the NFRA Chairman highlighted significant improvements in audit quality in India, driven by a shift from disciplinary actions to proactive inspections. This strategic change has led to better compliance and financial reporting, reducing the need for penalties. NFRA is also collaborating with the Institute of Chartered Accountants of India (ICAI) to align Indian auditing standards with global best practices, ensuring stronger governance and boosting investor confidence.
Another key focus is Environmental, Social, and Governance (ESG) disclosures, which are becoming increasingly important for investors. The Chairman acknowledged the challenges posed by multiple ESG frameworks and emphasized NFRA’s support for a unified global ESG reporting standard under the IFRS Foundation. By strengthening audit practices, corporate governance, and financial transparency, NFRA is playing a crucial role in India’s journey toward becoming a developed economy by 2047 and a global financial leader.
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