AASB of ICAI Issues Exposure Draft of Standards on Auditing for LLPs Under the LLP Act, 2008

The Auditing and Assurance Standards Board (AASB) of ICAI has released an Exposure Draft of Standards on Auditing for LLPs under the LLP Act, 2008, following directives from the Ministry of Corporate Affairs (MCA) and the National Financial Reporting Authority (NFRA). The draft adapts existing company audit standards to suit the unique structure of LLPs, introducing LLP-specific changes such as revised terminology, modified report formats, and updates to engagement documentation. Stakeholders are invited to submit their comments on these LLP-specific changes by 1st May 2025.

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