National Financial Reporting Authority (NFRA) has extended the last date for submission of comments on Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) from 10th November 2021 to 30th November 2021.
Earlier, NFRA had done a preliminary analysis on the key financial parameters of the companies registered in India from their MCA-21 filings. It had recommended to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest.
Accordingly, in September, NFRA had prepared a Consultation Paper explaining the issues involved and providing the data and information required for responding to the questions raised in an informed manner, with the objective to seek the comments/suggestions of the wider stakeholder group and the public at large on questions raised.
Consultation Paper may be viewed at:
The comments/suggestions on above questions may be submitted by email till 30th November, 2021at:
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