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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>NFRA Circular Highlights Auditor Responsibilities in Group Audits, Emphasizes Mandatory Compliance with SA 600 for Public Interest.</h1> The circular issued by the National Financial Reporting Authority (NFRA) addresses the responsibilities of Principal Auditors and Other Auditors in group audits, emphasizing adherence to the Standards on Auditing, particularly SA 600. It highlights significant audit failures in group financial statements, citing instances of fraud and negligence, and stresses the need for auditors to obtain sufficient appropriate evidence and not solely rely on Component Auditors' work. The circular clarifies that the word 'should' in SA 600 implies mandatory compliance, aligning with the Companies Act, 2013, and other auditing standards. It mandates auditors to comply with these standards to protect public interest and prevent audit failures.
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