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NFRA requires auditors to publish Annual Transparency Report (ATR) containing certain critical information about the auditor’s operational activities, management, governance and ownership structures, policies and procedures necessary to deliver high-quality audits etc.

The NFRA aims to implement the requirement to publish an annual transparency report in a gradual manner, starting with auditors/audit firms performing audit of top 1,000 listed entities from financial year ending 31 March 2023.

The NFRA has proposed that the ATR should be published on the website of the statutory auditor within three months from the end of the relevant financial year for which it is required.

Further, it has been specified that the ATR must be approved by the persons required to approve the financial statements of the statutory auditor or its governing body, if any. A copy of the ATR should be filed with the NFRA before it is published on the website by the statutory auditor.

The proposal is open for comments up to 16 February 2023.

To access the text of the NFRA announcement, please click here

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