The National Financial Reporting Authority (NFRA) has set up a new Advisory Committee focused on audit quality, assurance and technology. The body will draw on expertise from across the financial reporting ecosystem to guide NFRA on matters affecting audit standards and practices. This follows NFRA’s legal authority under the National Financial Reporting Authority Rules 2018 to establish committees for its regulatory work.
Who is on the committee and what will it do
The Advisory Committee on Audit Quality, Assurance and Technology brings together specialists from multiple sectors. Members include accounting professionals, chief financial officers, members of audit committees, independent directors, technology specialists, financial regulators and representatives from industry bodies. These experts will offer feedback and suggestions on issues that shape the quality and credibility of audits in India.
This is the third advisory body NFRA has created under these rules. The first was a Technical Advisory Committee that operated from 2020 until December 2022. In July 2024, NFRA also formed an Advisory Group of specialists to focus on the relationship between auditors and audit committees, oversee training materials for staff, and conduct engagement activities with audit committees and independent directors.
The composition ensures representation from all major groups that interact with NFRA—from those who conduct audits to those who oversee them, manage finance functions, and provide technological solutions to the sector.
What this means for you
If you work in audit, financial reporting or corporate governance, these advisory bodies influence the standards and practices that shape your profession. The committee’s recommendations can affect how audits are conducted, the technology firms use, and how audit committees function. For students and aspirants in accountancy and finance, understanding NFRA’s direction through such committees helps clarify where the profession is headed. For companies subject to audit requirements, these advisory structures indirectly shape the quality frameworks that external auditors must follow.
- Full details of committee membership and terms of reference are available on the NFRA website