Quick Summary
The Institute of Chartered Accountants of India (ICAI), through its Auditing and Assurance Standards Board (AASB), has released an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs). This marks a significant milestone as it is the first time auditing standards will be notified under the LLP Act, 2008. Under Section 34A of the LLP Act, the Central Government- after consultation with the National Financial Reporting Authority (NFRA)-has empowered ICAI to rec
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FAQ :
The ICAI has released an Exposure Draft of Standards on Auditing (SAs) specifically for Limited Liability Partnerships (LLPs).
This is the first time auditing standards will be notified under the LLP Act, 2008, marking a significant milestone for LLPs.
The Central Government, after consulting with the National Financial Reporting Authority (NFRA), has empowered the ICAI to recommend auditing standards for LLPs.
The draft includes revised terminology for LLPs, updated formats for auditor's reports and engagement letters, and conforming amendments from recent standards.
Professionals, stakeholders, and the public are invited to submit comments, particularly on LLP-specific modifications, by May 1, 2025, via online submission, email, or post.
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