NFRA Publishes list of Audit firms/ auditors Who not filed mandatory NFRA-2 form

Oct 14, 2022 | Business


The National Financial Reporting Authority has published a list of audit forms/auditors who have not filed the mandatory e-form, NFRA-2, for the reporting period 2018-19 and 2019-20.


The annual return is to be filed in accordance with Rule 5 of National Financial Reporting Authority Rules, 2018. The auditors/audit firms of class of companies specified in Rule 3 of NFRA Rules 2018 are required to file the annual return on or before 30th November every year.


In the past also NFRA had identified cases of non-compliance with the above statutory requirements and sent intimations to defaulting firms. A list of such firms/auditors was also published on the website of NFRA and intimated to Ministry of Corporate Affairs.


For the reporting period 2018-19 (audit reports signed during the period 01.04.2018 to 31.03.2019), NFRA-2 was supposed to be filed by 30 November 2019. As it was the first year of filing, the date was extended upto 4 September 2020. A review revealed that a total of 617 audit firms/auditors have still not filed NFRA-2 for the reporting period 2018-19.


For the next reporting period, 2019-20 (Audit reports signed during the period 01.04.2019 to 31.03.2020), a total 1684 audit firms have so far not filed NFRA-2. The due date for filing NFRA-2 for reporting period 2019-20 was 30 November 2020.


The list of audit firms/auditors in default in respect of both these years is available on NFRA website (https://nfra.gov.in/nfra_domain). An intimation is also being sent by NFRA to such audit firms/auditors.


Attention of all defaulting audit firm/ auditors is invited to the fact that non-filing of NFRA-2 form is a non-compliance covered under Rule 13 of NFRA rules and attracts penal provisions. The rule has been further amended vide NFRA amendment Rules 2022 dated 17.06.22. The amended Rule 13 is published on NFRA website


(https://nfra.gov.in/sites/default/files/236669.pdf)


The list of defaulting audit firms/auditors for the reporting period after 2020-21 is also being reviewed and will be published soon.


It is also reminded that the due date for the reporting period 2021-22 (Audit reports signed during the period 01.04.2021 to 31.03.2022) is 30 November 2022. Auditors/firms are advised to file NFRA-2, if not already done so.


***


RM/ PPG/ KMN






(Release ID: 1867515)
Visitor Counter : 2241











Internal audit professionals came together at Touchstone Insights for Audit Leaders virtual event hosted by Wolters Kluwer

Dec 21, 2021 | Business



Recently, Wolters Kluwer Tax & Accounting hosted internal audit leaders from around the globe at TeamMate’s second virtual Touchstone Insights for Audit Leaders event. Chief audit executives came together to better understand two of the key trends in internal audit – applying agile methodology in audit workflows and internal audit’s evolving role in Environmental, Social, and Corporate Governance (ESG).


“We see immense interest globally for agile audit content, know-how, and capabilities. There is also a growing need for internal auditors to better understand evolving ESG initiatives and reporting requirements, and their role in identifying associated risks,” said Jim Dunham, Executive Vice President & General Manager, Wolters Kluwer TeamMate. “We hosted our second Touchstone Insights for Audit Leaders event to help internal audit executives gain insights into these trends and to provide them with best practices in addressing related new challenges.”


Internal audit executives from over 35 countries took part in the online event. The agile audit session was led by agile coach Mark Williams from Agile Outside IT and focused on how agile audit aligns with the goals of Chief Audit Executives to drive efficiency and accelerate risk assessment and insights. The second session, directed by recognized ESG expert Kevin Gould, gave attendees a perspective on internal audit’s role in risk assessment and assurance of the constantly changing ESG landscape.


Launched in 2020, the ongoing global Touchstone Insights for Internal Audit study provides an in-depth view into the state of the internal audit function. Offering both high-level analysis and detailed segment insights, it enables a more detailed understanding of the profession in real-time and allows internal audit leaders to benchmark their teams against peers. The survey informing the study continues to remain open to new participants and evolves with changes in market conditions and business dynamics, keeping the benchmark data fresh and relevant. Internal audit departments and professionals are invited to participate in the study here.


About Wolters Kluwer


Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.