Auditors of large firms to keep records in Entity DigiLocker
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The proposed Entity DigiLocker is also likely to be used to improve the audit quality of top-tier and large companies, with the National Financial Reporting Authority (NFRA) planning to ask auditors of these firms to use the facility to store client records and audit files.
“The auditor can collect all files and documents that are needed for the audit in advance and can then store them in the Entity DigiLocker. The auditors will not be able to add more documents later nor will there be any chances of tampering with documents,” said a person familiar with the development.
The NFRA is expected to begin talks with the Ministry of Electronics and Information Technology in order to include them in the scope of the Entity DigiLocker.
The Entity Digilocker would be an extension of the current digilocker and would enable companies to store documents online in a safe and secure manner. “The objective is to improve audit quality and ensure more discipline. It will also benefit the company and stakeholders,” said the source
“The auditor can collect all files and documents that are needed for the audit in advance and can then store them in the Entity DigiLocker. The auditors will not be able to add more documents later nor will there be any chances of tampering with documents,” said a person familiar with the development.
The NFRA is expected to begin talks with the Ministry of Electronics and Information Technology in order to include them in the scope of the Entity DigiLocker.
The Entity Digilocker would be an extension of the current digilocker and would enable companies to store documents online in a safe and secure manner. “The objective is to improve audit quality and ensure more discipline. It will also benefit the company and stakeholders,” said the source
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