The National Financial Reporting Authority has issued a new Audit Practice Toolkit to support audit quality in India, with special focus on small and medium practitioners. The toolkit is designed as a practical guide for audit engagements and is part of NFRA’s wider outreach to improve professional standards across the audit ecosystem.
Toolkit on ROMM Assessment
NFRA has released a sample document titled Risk & Response Memorandum – ROMM (Risk of Material Misstatement) Assessment at Assertion Level for Revenue.
- The toolkit addresses a critical stage of audit work.
- It focuses on assessing risk of material misstatement for financial statement line items.
- The revenue area has been selected as an important audit subject.
Support for Small Practitioners
The sample document is intended to be adaptable across different audit engagements. It can be modified according to the facts and circumstances of each assignment. This makes it useful for small and medium-size practitioners who often need structured guidance and standardised working papers.
Broader Audit Quality Drive
NFRA has been expanding its outreach through programmes for audit firms and practitioners. The latest toolkit continues this effort to strengthen audit practices in India. During the rest of the financial year, NFRA plans to issue similar toolkits in other audit areas.
Last Modified: April 25, 2026