EMPANELMENT OF PRACTICING CA AS TECHNICAL REVIEWERS (TRs) WITH NFRA
MINIMUM ELIIGIBILITY CRITERIA:
To be appointed as a TR, an Applicant shall
i. have minimum 5 years’ experience in audit of PIEs;
ii. have completed Minimum two statutory audits of PIEs. Statutory Audit of the same PIE for more than one year shall count as one statutory audit for this purpose;
iii. shall not suffer from any disqualification for being appointed as Auditor under section 141 of the Companies Act 2013.
iv. not have been subjected to any kind of disciplinary actions from the ICAI or any regulator/statutory authority in India or outside India.
v. not have received any notice for disciplinary action/show cause from NFRA or ICAI or MCA. vi. Not be subject to any enquiries into misconduct or criminal proceedings by any statutory authorities or the Central or a State Government.
SCOPE OF WORK
The TR shall undertake the work as per the guidance and requirement of NFRA. The TR shall basically report on compliance with Accounting and Auditing Standards, guidelines of the ICAI and provisions of applicable statutes. The exact scope of the work will be specified in detail prior to allotment of work. It shall be the responsibility of the NFRA to obtain the relevant Audit files pertaining to the engagement taken up for review. The TR shall examine records at the NFRA office, or remotely if possible and permissible. The TR’s scope would extend to verifying, assessing and evaluating the response of the Audit Firm.
Assignment of Audit engagements for each PIE or Group of PIEs will be done by NFRA from the empanelled list of TRs. The professional fees admissible in each case will be decided by NFRA subject to a maximum of Rs 2.00 Lakhs plus taxes