NFRA to release second Staff Series on Technology in Audit
New Delhi: The National Financial Reporting Authority (NFRA) will release the second Staff Series on Technology in Audit in the coming weeks, taking forward the principles-based framework set out in its first publication in July, senior officials said.
The first publication focused on the use of technology in audit planning and risk assessment, substantive and controls testing, evaluation of audit evidence and reporting.
"Statutory auditors are responsible for the financial statements they endorse and undersign. Citing use of artificial intelligence (AI) cannot be an excuse," an official told ET, underscoring the need to plug malicious misjudgement.
NFRA is the independent regulatory body set up in October 2018 to oversee the auditing and accounting profession in India.
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"Technology can now allow improved efficiency through the potential for vetting all transactions, instead of just sampling. But it also raises concerns over using the appropriate digital tools for the exercise," the official said.
The series is in line with NFRA's obligations to suggest measures to improve overall audit quality and promote awareness of the significance of accounting and auditing standards, auditors' responsibilities, audit quality and other such matters.
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The first publication focused on the use of technology in audit planning and risk assessment, substantive and controls testing, evaluation of audit evidence and reporting.
"Statutory auditors are responsible for the financial statements they endorse and undersign. Citing use of artificial intelligence (AI) cannot be an excuse," an official told ET, underscoring the need to plug malicious misjudgement.
NFRA is the independent regulatory body set up in October 2018 to oversee the auditing and accounting profession in India.
Also read | The dealmaker meets his match in a central banker
"Technology can now allow improved efficiency through the potential for vetting all transactions, instead of just sampling. But it also raises concerns over using the appropriate digital tools for the exercise," the official said.
The series is in line with NFRA's obligations to suggest measures to improve overall audit quality and promote awareness of the significance of accounting and auditing standards, auditors' responsibilities, audit quality and other such matters.
Also read | India’s B-schools slip on intense global competition
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