NFRA releases guidance on auditor-audit committee dialogue for accounting estimates.

The National Financial Reporting Authority (NFRA) has issued guidance to improve dialogue between auditors and audit committees concerning accounting estimates, particularly focusing on Expected Credit Losses under Ind AS 109. This is the first part of their Auditor-Audit Committee Interaction Series, which aims to enhance audit quality and investor protection. The guidance suggests potential questions that audit committees might pose to auditors about accounting estimates and judgments, referencing the Companies Act 2013, Standards on Auditing (SA) 260(R), 265, other SAs, and the Standards on Quality Control (SQC). .....

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