NFRA recommends auditing standards for LLPs, enhancing transparency and compliance for limited liability partnerships from April 1, 2026.

The NFRA has proposed new audit standards for LLPs, set to take effect in April 2026, despite ICAI’s concerns about potential market concentration among major audit firms. The standards are similar to those for companies and were finalized in a recent NFRA meeting.

Experts noted that while specific standards on auditing exist for companies, such standards are yet to be notified for LLPs

The NFRA has recommended various auditing standards for Limited Liability Partnerships, ensuring compliance with quality management protocols.

The National Financial Reporting Authority (NFRA) recommended 40 auditing standards for limited liability partnerships (LLPs) to the corporate affairs ministry. These standards, finalized in November for companies,