Significant Achievement and Initiatives of the Financial Reporting Review Board for the Year 2017-18

Various assignments are being referred to FRRB by regulators. The significant assignments that were performed by the Board towards partner in nation building are as follows:

Election Commission of India has appreciated the role played by FRRB in previous years for reviewing annual audited accounts of various political parties and also holding a workshop for auditors of political parties. It has again requested FRRB to undertake review of the annual audited accounts of at least six National political parties and recognized parties with income/ expenditure exceeding Rs. 10 Crore. Accordingly, the Board has undertaken the review of 21 annual audited accounts of political parties and considered all these cases during this period. Based on non-compliances observed in these financial statements, the advisories have been issued to the auditor of concerned parties to take care in future. Further, FRRB is again proposing to organize a joint program with ECI for the political parties and their auditor to improve the quality of financial statements of political parties. So far, ICAI-FRRB has undertaken review of 68 annual audited accounts of various political parties referred by ECI time to time.

FRRB also reviews the cases on reference received from other regulators as MCA, SEBI, C&AG. The Board’s services are acclaimed by SEBI as is evident from the fact that Chairman, FRRB has been nominated as member of SEBI-QARC.

National Conference
Two Days National Conference has been organised at Trivandrum Branch of ICAI, to enhance the knowledge of members on review skill as well as to update them with the changes made in financial reporting framework, and was well attended by 170 members.

Residential workshop for TRs and FRRGs
2 Day Residential workshop has been organized at Centre of Excellence, Hyderabad on November 21-22, 2017, to guide the Technical Reviewers (TRs) empanelled with the Board and members of Financial Reporting Review Groups (FRRGs) enhance their review skills of Financial Statements and to have direct interaction with Board to improve the quality of review.