The Institute of Chartered Accountants of India (ICAI) has released an exposure draft of Standards on Auditing for Limited Liability Partnerships (LLPs) for public comments.
The Auditing and Assurance Standards Board (AASB) has released the same on 22nd November, 2023 and the downloadable version of the Exposure Draft is available at the link : https://www.icai.org/post/ed-standards-on-auditing-for-limited-liability-partnerships-details
Section 34A of the Limited Liability Partnership Act, 2008 prescribes that the Central Government may, in consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013, prescribe the Standards of Auditing as recommended by the Institute of Chartered Accountants of India constituted under section 3 of the Chartered Accountants Act, 1949, for a class or classes of limited liability partnerships.
The Institute of Chartered Accountants of India (ICAI) had submitted ICAI’s recommendations to the National Financial Reporting Authority (NFRA) regarding 35 Standards on Auditing for their notification under Section 143(10) of the Companies Act, 2013 for audit of companies.
ICAI is of the view that the aforesaid Standards on Auditing applicable to audit of companies recommended by ICAI to NFRA, should apply mutatis mutandis to audit of limited liability partnerships.
Comments on the abovementioned Exposure Draft may be submitted through any of the following modes.
1. Electronically:
Submit a comment letter at the link : https://forms.gle/kcWPzPSPgojWEm7w7
2. Email:aasb@icai.in
3. Postal:
Secretary, Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi- 110002
The last date for submitting comments on the Exposure Draft is 6th January 2024.
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