An auditor shall file an annual return with National Financial Reporting Authority [NFRA] annually by 30th November. This annual return provides detailed information on the assurance services provided by the auditor during that period. The form is NFRA-2 and is not yet displayed on the website. The deadline is extended for 90 days.
This return is a way of auditor disclosing details that include:
- Assurance services provided during the period.
- Resignation of auditor during past three years, or number of companies where auditor resigned in the past three years.
- Withdrawal of audit report on financial statements
- Withdrawal of consent to the use of its name in a report, document or written communication in past three years.
- Disciplinary or other proceedings initiated against the auditor
- Total number of partners in the firm and number of employees employed by the auditor.
A statement of quality control policies and procedures of the auditor for its auditing practice during the reporting period is also required to be annexed to the annual return.