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The Institute of Chartered Accountants of India (ICAI) has strengthened its fraud detection and financial review framework with a sharper focus on identifying potential financial misstatements and irregularities. The move introduces a new set of parameters to make the scrutiny process more rigorous and transparent. The Financial Reporting Review Board (FRRB) - ICAI's monitoring arm that reviews financial statements of listed and unlisted entities will now prioritize companies that are highly le
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FAQ :
ICAI has strengthened its fraud detection framework by introducing new, stricter parameters for reviewing financial statements to identify misstatements and irregularities more effectively.
The FRRB will prioritise companies that are highly leveraged, pay low audit fees, have negative reserves, are undergoing insolvency proceedings, or have disproportionate borrowings relative to their financial size.
The updated parameters are applicable from the Financial Year 2024 (FY24) onwards.
The main goal is to make financial scrutiny more effective and transparent, enabling the early detection of fraud and misreporting, and to ensure compliance with reporting and auditing standards.
Findings from the reviews are forwarded to the ICAI's disciplinary committee for necessary action.
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