NFRA Auditor-Audit Committee Interaction Series 5: Audit of Provisions, Contingent Liabilities and Contingent Assets

Mon, 20 Apr 2026 18:53:10 +0000
Corporate Governance

NFRA published Series 5 of its Auditor-Audit Committee Interaction Series, providing guidance on dealing with the audit of provisions, contingent liabilities, and contingent assets. The document addresses requirements under Indian Accounting Standard Ind AS 37, along with Standards on Auditing SA 540 and SA 501. The guidance is intended to assist auditors and audit committees in strengthening oversight and audit quality in these areas.