The mandatory annual transparency report that auditors will have to prepare under a new regulatory requirement proposed by National Financial Reporting Authority (NFRA) will be accessible by all stakeholders, and not be limited to the audit watchdog’s consumption, a person aware of the matter said.
The transparency report, which will have finer details about auditors’ operations, quality control systems and network relationship with other consultancies will be accessible to other regulators, business community, investors, researchers and the public at large, the person said, seeking anonymity.
NFRA is in the process of mandating auditors to disclose their legal, ownership, management and governance structures, and network and licensing arrangements with other firms, besides details such as the dealings with audit clients, including the fees received. That apart, they must also disclose the break-up of audit and non-audit fees from both audit clients and others.
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