ICAI Exposure Draft: Standards on Auditing for Audits of Limited Liability Partnerships

The Institute of Chartered Accountants of India (ICAI) has issued an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs). The draft has been developed under the authority of Section 34A of the Limited Liability Partnership Act, 2008, which allows the Central Government to prescribe auditing rules for specific classes of LLPs in consultation with the National Financial Reporting Authority (NFRA) and ICAI.

The Ministry of Corporate Affairs (MCA) directed ICAI to create a separate set of audit rules for LLPs. Therefore, the Auditing and Assurance Standards Board (AASB) used the existing audit rules made for companies and changed them as needed to fit LLPs.

The SAs for LLPs will be notified for the first time under the LLP Act, 2008. Therefore, the word “Revised” has been removed from the titles of these SAs. The types of changes made and the necessary steps taken for sharing this draft are given below.

Refer to the official notification for more details.