Audit

The Comptroller and Auditor General of India (CAG) has initiated the creation of centralised audit cadres across its offices to strengthen accountability, streamline operations, and improve the consistency of financial audits nationwide. This structural reform aims to standardise audit processes, optimise resource allocation, and ensure greater transparency in the examination of government expenditure.

The National Financial Reporting Authority (NFRA) has unveiled a new Audit Quality Review (AQR) Tool for Small and Medium Practitioners (SMPs), aiming to elevate audit standards and strengthen compliance with professional regulations. Designed to promote consistency, transparency, and accountability in audit practices, the toolkit provides practical guidance and templates to assist smaller firms in aligning with regulatory expectations.