Objective of Financial Reporting Review Board
Financial Reporting Review Board
The Board's goal is to assess compliance, among other things, with the accounting and auditing standards published by the Institute of Chartered Accountants of India's ASB and AASB. In the long run, it is hoped that the Board's evaluations would increase the general standard of the work produced by its members. However, the Board limits its examinations to the publicly available general-purpose financial statements. It is also made clear that the Financial Reporting Review Board's examinations do not constitute a confirmation of the whole audit (re-audit) or a review of the relevant auditors' working papers.
Selection and Review
Any regulatory authority, such as the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority, the Ministry of Corporate Affairs, etc. may refer to the FRRB or the FRRB may review the general-purpose financial statements on its own initiative. The FRRB also examines the general-purpose financial statements of companies whose general-purpose financial statements have been the subject of media stories highlighting significant accounting irregularities.
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