NFRA Launches Advisory Committee on Audit Standards and Emerging Technologies
What Happened
The National Financial Reporting Authority (NFRA) has constituted a nine-member Advisory Committee on Audit Quality, Assurance and Technology comprising experts from auditing, regulation, finance, industry and technology. Notable members include former RBI Deputy Governor Shyamala Gopinath and former SEBI Whole-Time Member Ananth Narayan.
Key Takeaways
The committee will advise NFRA on audit quality, implementation of auditing and quality management standards, emerging sectoral risks, and the use of technologies such as data analytics, automation, artificial intelligence and machine learning in audits. It will also examine cybersecurity, cloud-related risks and the impact of digital technologies on audit processes.