Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA

The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year

Audit firms are seeking a rethink of new guidelines that require them to vet each whistle-blower complaint and issue assessments on a company’s financials.
 
According to people in the know, auditors have approached the Securities and Exchange Board of India and the National Financial Reporting Authority, seeking relaxation. They believe some aspects of the disclosure norms require tweaking and fine-tuning.
 
These new disclosure and assessment norms are a part of the Companies (Auditor’s Report) Order (CARO), effective from the current financial year, where auditors are required to report more extensively on many crucial aspects, including frauds, loan defaults,