ICAI Issues Technical Guide on Audit of Non-Banking Financial Companies | Revised 2023 Edition
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- By Chetan Kulasri
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- Last Updated on 9 September, 2023
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Non-banking financial companies (NBFCs) are playing an important role in the Indian financial sector. Due to their importance in the Indian financial sector, NBFCs are recognized as being complementary to the banking sector. However, there are several instances of misuse of public funds, irregularities in functioning, bankruptcies etc. in NBFCs. Therefore, the role of statutory audit of NBFCs is very important to bring discipline in functioning of NBFCs. To enable the auditor to express an opinion on the financial statements of the NBFC and conduct of audit in accordance with Standards on auditing, ICAI has issued this Technical Guide.
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