NFRA, ICAI Hold Workshop to Strengthen Audit Quality

The initiative brought together audit practitioners, industry experts and accounting professionals to discuss evolving standards, professional responsibilities and best practices in auditing.

The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) jointly organised a workshop in Pune aimed at strengthening audit practices and improving the quality of financial reporting in India. The programme, held under the theme "Creating a Better Financial Reporting Ecosystem", marked NFRA's first workshop of the current financial year.

The initiative brought together audit practitioners, industry experts and accounting professionals to discuss evolving standards, professional responsibilities and best practices in auditing.

Focus on strengthening professional capabilities

The workshop was inaugurated by NFRA Chairperson Nitin Gupta and ICAI President Prasanna Kumar D. Addressing participants, Gupta highlighted the important role played by the accountancy profession in protecting public interest and maintaining confidence in financial reporting systems.

He acknowledged the contribution of chartered accountants to India's economic development over several decades and stressed the need for professionals to continuously upgrade their skills in line with changing global standards.

Gupta also called upon audit firms, including small and medium practitioners, to strengthen their capabilities and enhance their competitiveness in an increasingly globalised business environment.

Audit quality key to stakeholder confidence

ICAI President Prasanna Kumar D described audit quality as a cornerstone of trust in financial reporting and corporate governance. He said the chartered accountancy profession is built on the principles of excellence, independence and integrity, which remain essential for maintaining credibility in financial markets.

He welcomed the collaboration between NFRA and ICAI, expressing confidence that similar initiatives would continue in the future to support professional development and strengthen audit standards across the country.

The workshop served as a platform for dialogue between regulators, professional bodies and practitioners on emerging challenges and expectations within the auditing profession.

Experts discuss global best practices

Several technical sessions were conducted by experienced professionals on critical areas of audit practice. Discussions covered topics such as audit strategy documentation, identifying risks of material misstatements, accounting estimates and drawing audit conclusions.

A panel discussion on "Strengthening Audit Quality: Global Best Practices" brought together experts who examined ways to improve audit effectiveness and align practices with international standards.

The sessions were designed to provide practical guidance that auditors can apply in their day-to-day work while helping them address increasingly complex financial reporting requirements.

The workshop attracted strong participation from both small and medium audit practitioners and representatives of large audit firms. The diverse gathering encouraged the exchange of ideas, experiences and perspectives on audit quality challenges, contributing to meaningful discussions throughout the programme.

NFRA has been conducting similar workshops across different cities in India as part of its efforts to enhance professional capacity, promote high-quality audits and support a stronger financial reporting framework for the country.