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FINANCIAL REPORTING QUALITY REVIEW REPORT OF KIOCL LTD. RELEASED BY NFRA

FINANCIAL REPORTING QUALITY REVIEW REPORT OF KIOCL LTD. RELEASED BY NFRA

Context:

The National Financial Reporting Authority (NFRA) has released the Financial Reporting Quality Review Report (FRQRR) of KIOCL Ltd. for the 2019-20 financial year.

About FRQRR:

  • It is one of two aspects of the Inspection Programme of the NFRA.
  • The other component is the Audit Quality Review Report (AQRR).
  • The FRQRR focuses on the role of preparers, that is, those responsible for the preparation of financial statements and reports according to the applicable standards. Therefore, FRQRR examines how the Chief Financial Officer, as well as all Management, and the Audit Committee, and the Board of Directors of the Company, have acted in preparing financial statements that reflect the correct and correct view as required under the Companies Act, and in accordance with applicable standards.
  • The FRQRR concludes with advice for preparers, highlighting issues that need to be improved.
  • In the event of a breach of accounting standards and legislation requiring action under the law, the matter is reported to the appropriate authorities.
  • The NFRA has prepared this FRQRR on the basis of the audit of the Company's financial statements for the Financial Year 2019-2020 and other information required by the Company during the review of the NFRA.

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