New Delhi, National Financial Reporting Authority (NFRA) has set up a nine-member advisory committee on audit quality, assurance and technology.
Former RBI Deputy Governor Shyamala Gopinath and ex-Sebi Whole Time Member Ananth Narayan are among the panel members.
“The committee comprises eminent experts, representing various stakeholder groups of NFRA — professionals, CFOs, audit committees, independent directors, technology experts, regulators and industry,” NFRA said in a release on Friday.
Among other aspects, the panel will provide advice on the implementation and consistent application of the Standards on Auditing, Quality Control and Quality Management, related assurance and review standards, and the applicable ethical requirements.
It will also provide inputs on identification of audit areas, sectors and emerging risks that may warrant thematic or sectoral focus.
According to NFRA, the committee will give advice on governance of, and the risks and practical implementation issues arising from, the use of data analytics, automation, artificial intelligence and machine learning in the conduct of audits.
Besides, the panel will give inputs on cyber security and cloud-related risks affecting audit platforms, the integrity and confidentiality of audit documentation, and the security of client data.
