Author: Balmukund Chaturvedi, Associate Director , Assurance, ASA
NFRA instructs auditors to adopt a skeptical mindset when probing potential fraud in companies, emphasizing the need for critical assessment and vigilance. This directive aims to enhance audit quality, encouraging auditors to question assumptions and scrutinize information to effectively detect fraudulent activities. The NFRA’s emphasis on professional skepticism aligns with broader efforts to uphold transparency and safeguard stakeholders’ interests in financial reporting.
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