ICAI releases Exposure Draft of Standards on Auditing for LLPs

The Institute of Chartered Accountants of India (ICAI) has released an Exposure Draft of Standards on Auditing for Limited Liability Partnerships for public comments.

Section 34A of the Limited Liability Partnership Act of 2008 states that the Central Government, in consultation with the National Financial Reporting Authority established under section 132 of the Companies Act of 2013, may prescribe the Standards of Auditing recommended by the Institute of Chartered Accountants of India established under section 3 of the Chartered Accountants Act of 1949, for a class or classes of limited liability partnerships.

The Institute of Chartered Accountants of India (ICAI) had submitted to the National Financial Reporting Authority (NFRA) its suggestions on 35 Standards on Auditing for notice under Section 143(10) of the Corporations Act, 2013 for audit of corporations.

The ICAI believes that the aforementioned Standards on Auditing applicable to audits of businesses, which it has proposed to the NFRA, should apply mutatis mutandis to audits of limited liability partnerships.

In this regard, the Auditing and Assurance Standards Board (AASB) of ICAI has issued the Exposure Draft of Standards on Auditing for Limited Liability Partnerships (LLPs) for public comments. The last date for submitting comments on the Exposure Draft is 6th January 2024.

Invitation to Comment

AASB invites comments from various stakeholders on the abovementioned Exposure Draft on Standards of Auditing applicable to LLPs.

How to Submit Comments

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes.

1. Electronically:

Submit a comment letter at the link : https://forms.gle/kcWPzPSPgojWEm7w7

2. Email:

[email protected]

3. Postal:

Secretary, Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi- 110002