The Council of the Institute of Chartered Accountants of India, at its 226th meeting, held in July 2002, constituted the Financial Reporting Review Board (FRRB) as its non-standing committee.
Scope and Functions of the Financial Reporting Review Board
The FRRB would review the general purpose financial statements of certain enterprises and auditor’s report thereon with a view to determine, to the extent possible:
Compliance with the generally accepted accounting principles in the preparation and presentation of financial statements;
Compliance with the disclosure requirements prescribed by regulatory bodies, statutes and rules and regulations relevant to the enterprise; and
Compliance with the reporting obligations of the auditor.
The FRRB may review the general purpose financial statements of the enterprise and the auditor’s report thereon either suo motto or on a reference made to it by any regulatory body like, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Ministry of Corporate Affairs, Election Commission of India etc. The FRRB may also review general purpose financial statements of the enterprises and the auditor’s report thereon relating to which serious accounting irregularities in the general purpose financial statements have been highlighted by the media reports.
Seminar on Financial Reporting Practices & GST organized by Financial Reporting Review Board on 18th August, 2018 and hosted by Chandigarh Branch of NIRC of ICAI. The Seminar was attended by 150 participants.
Copyright 2019 All rights reserved to the ICAI. No part of the contents available in any ICAI publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, from the Institute.