The National Financial Reporting Authority (NFRA) published an 'Audit Practice Toolkit' to enhance audit quality in India. Posted on 03 NOV 2023 7:08 PM by PIB Delhi. NFRA has commenced issuing audit practice toolkits focused on supporting small and medium practitioners in audits, as part of a systemic drive to support auditing quality in India. This continues NFRA's outreach programs for audit firms and practitioners. The issued toolkit pertains to fundamental aspects of the audit, specifically the development and documentation of audit strategy commensurate with the risk profile of the auditee entity. It is designed as a scalable and adaptable sample document for various company sizes and industries. NFRA plans to release similar toolkits for other significant audit areas during the financial year. The toolkits are available on the NFRA website at https://nfra.gov.in/nfra-audit-strategy-memorandum-sample-document-03-11-25/. Release ID: 2186000, Visitor Counter: 267.
Key Entities Referenced
National Financial Reporting Authority (NFRA): The primary body issuing audit practice toolkits to enhance audit quality in India.
Audit Practice Toolkit: A toolkit issued by NFRA to support small and medium practitioners engaged in audits.
India: The country where the audit quality is to be enhanced.
National Financial Reporting Authority
National Financial Reporting Authority (NFRA)
publishes an ‘Audit Practice Toolkit’ to
enhance audit quality in India
Posted On: 03 NOV 2025 7:08PM by PIB Delhi
The National Financial Reporting Authority (NFRA) has commenced issuing audit practice toolkits
with a focus on supporting the small and medium practitioners engaged in the audits. This initiative is
part of NFRA’s systemic drive to continue to support the overall quality of auditing practices in India.
This is in continuation of NFRA’s recent initiatives to conduct outreach programmes for audit firms
and audit practitioners, especially focusing on small and medium practitioners.
NFRA has issued this audit practice toolkit with regards to fundamental and critical aspect of the audit
i.e., development and document of audit strategy commensurate with the risk profile of the auditee
entity. This toolkit is intended to be a sample document which is scalable and adaptable to different
sizes and industry category of the auditee companies.
During the rest of the financial year, NFRA plans to issue similar audit practice toolkits in a few other
significant audit areas. The toolkits are available on NFRA website at the link -
https://nfra.gov.in/nfra-audit-strategy-memorandum-sample-document-03-11-25/
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(Release ID: 2186000) Visitor Counter : 267
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