NFRA (National financial regulatory authority) has published draft requirement regarding publication of ATR annual transparency report by audit firms. This ATR has to be published by the concerned statutory audit firms within 3 months from the end of the each financial year.
This ATR shall contain certain critical information on the audit firm like its operational activities, management, governance & ownership etc apart from details on policies and procedures followed to carry out to ensure high quality audits.
These informations would be of use to the company's investors, independent directors, Audit committees of companies and public at a large.
This compliance is proposed to be implemented in phased manner starting with statutory auditors of Top 1000 listed companies (in terms of their market capitalisation),with effect from 31.3.2023.