NFRA Strengthens Audit Framework with Second Practice Toolkit
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NEW DELHI (Jan 1): In a move to strengthen audit quality nationwide, the National Financial Reporting Authority (NFRA) has released its second Audit Practice Toolkit, designed to support small and medium audit practitioners.
The newly published toolkit— “Risk & Response Memorandum: ROMM (Risk of Material Misstatement) Assessment at Assertion Level for Revenue”—addresses a critical phase of the audit process by guiding practitioners in identifying and evaluating revenue-related misstatement risks.
NFRA stated that the initiative builds on its ongoing outreach programmes aimed at enhancing audit practices, with a particular focus on empowering small and medium firms across the country.
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