Significant Achievements of Financial Reporting Review Board for the Year 2015-16

Significant Achievements Council Year 2015-16

1. Brand Buildin

Uphold public confidence in the abilities and role of Chartered Accountants
ICAI through FRRB reviews the quality of financial reporting practices followed by their members and the corporates by undertaking review of the financial statements and auditors report thereon of various enterprises. The details of review undertaken by the Board during the Council Year 2015-16 of cases selected as special cases and on suo-moto basis are given as follows:

Cases selected for Review during Council Year 2015-16
The Board, during the year, undertook review of 55 enterprises pertaining to Financial Year 2013-14. The preliminary review reports of 53 enterprises were received and assigned to the Financial Reporting Review Groups (FRRGs) for further review. During the year, the FRRG reports on 44 enterprises were received and the Board has completed the review of 14 enterprises.

Cases selected for Review during previous Council Years

The Board also undertook to complete the review of 94 enterprises, selected in the previous Council Years. The preliminary review of 83 enterprises was completed and assigned to FRRGs for further review. Till date, FRRG reports of 81 enterprises have been received and Board has completed review of 40 enterprises.

2. Supporting Society - Commitment to Nation

Providing quality inputs to various regulatory bodies in the matters related to policy, implementation and monitoring

FRRB plays proactive role in improving the financial reporting practices prevailing in India. FRRB has taken various initiatives to bring financial reporting practices prevailing in the country to international standards and going hand in hand with regulators for improving transparency in financial reporting practice followed in the country.

    • FRRB supports QARC of SEBI in review of qualified financial statement thus improving transparency in financial statements of listed enterprises. During Council Year 2015-16, the Board received 35 cases from QARC-SEBI. The Board has reviewed all these cases along with additional information, if any received by the company and /or the auditor, as the case may be, and finalised its views on all cases.
    • FRRB also provided comments on SEBI’s proposal to improve its mechanism for dealing with the qualified audit reports filed in SEBI by the listed entities.
3. Empowering Members

Programmes to help members specialise in emerging areas of audit, accounting and consulting

    • To enhance the financial reporting skills of the auditors of Political Parties a “Programme on Financial Reporting Practices for Political Parties” was organized by FRRB on June 23, 2015 at New Delhi. Dr. Nasim Zaidi, Chief Election Commissioner of Election Commission of India and Shri. P.K. Dash, Director General (Election Expenditure) of Election Commission of India graced the event. The programme was attended by the auditors of 27 political parties. The programme gave an insight of the emerging challenges to participants in their role when they attest the financial statements of the various political parties and appraised them about various regulatory requirements that should be kept in mind while discharging their function.
    • To enhance the knowledge of members on various accounting and auditing issues as well as to update them with the developments taking place in financial reporting framework, Board organized 10 awareness programmes on Financial Reporting Practices in various Regional Offices and Branches of the Institute across India. The programmes were well attended by 1029 members.
4. Research Initiatives

With a view to guide members about reporting obligation under Schedule III to Companies Act, 2013 (erstwhile Revised Schedule VI to the Companies Act, 1956) an article was published in May 2015 issue of the Institute’s Journal.