NFRA rolls out second audit practice toolkit for practitioners

New Delhi, Jan 1 (PTI) The National Financial Reporting Authority (NFRA) on Thursday said it has published its second 'Audit Practice Toolkit' aimed to support the small and medium practitioners across the country.

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 said in a release.

The toolkit, titled 'Risk & Response Memorandum: ROMM (Risk of Material Misstatement) Assessment at Assertion Level for Revenue', focuses on a crucial stage of the audit process relating to the identification and assessment of the risks of material misstatement in revenue.

The authority began issuing toolkits in November 2025 as part of a systemic initiative to improve the overall quality of auditing practices.

NFRA Chairperson Nitin Gupta said this sample document is adaptable to different types and sizes of audit engagements.

The audit regulator said the toolkit is expected to be a practical guide to many small and medium-sized practitioners who can use it by suitably amending the contents based on facts and circumstances of their audit engagements.

It added that the authority plans to issue sample audit practice toolkits in a few other significant audit areas during the rest of the financial year. PTI HG HG BAL BAL