Advisory Group (Auditor-Audit Committee Resources)

S.No	Members	Capacity
1	Mr Anand Raghavan – Chartered Accountant and Independent Director (Profile)	Member
2	Mr D Sundaram – Lead Independent Director and Chair of NRC, Infosys (Profile)	Member
3	Mr Nawshir Mirza – Professional Independent Director (Profile)	Member
4	Mr P R Ramesh – Independent Director and former Chairman, Deloitte, India (Profile)	Member

(Names are in alphabetical order)
 

Terms of reference

In consonance with its advocacy/awareness and education functions as given in Rule 15 and 16 of NFRA Rules 2018, NFRA had formed an advisory group to assist and advise on its auditor-audit committee interaction series and outreach activities with Independent Directors and Audit Committees.  The TOR of the Advisory Group includes

(a) Suggest key areas of interaction between the statutory auditors and audit committees/TCWG including

1. 1. Auditors’ appointment and independence requirements with reference to the statutory provisions and provisions in Quality Control Standard, SAs, Code of Ethics.
   2. Key questions covering stages of the audit process including engagement at the planning stage, auditor’s understanding of business risks, understanding of the operational and regulatory environment, internal control systems including IT controls, significant accounting assumptions and risks of material misstatement
   3. Significant findings in audit, Key Audit Matters, Emphasis of Matter, Disclosures and Notes to Accounts.
   4. Additional matters as may be considered relevant by the advisory group.

(b) The advisory group may also refer available national and international resources in this regard, including auditing and accounting pronouncements and best practices issued internationally, including those issued by international audit regulators and oversight bodies.

The Advisory group advises on the Auditor-Audit Committee Interaction Series (Staff Series) and outreach activities with Audit Committees and Independent Directors.