True and Fair Professionals Network

Strengthen the performance of auditors in the financial reporting ecosystem. We will work with audit firms to enable them to deliver high quality financial audits. Our well-developed and robust audit quality policies, procedures, guidance and tools will help auditors improve the quality of their professional services. Our service offering also include Audit Documentation and Archival Tool(s), access to experts, trainings, and insights on best practices in the financial reporting ecosystem.

Provide common culture and platform to CA Firms to form Network of CA Firms - True and Fair believes that it can enable the audit firms to create a platform to connect, collaborate and form network(s), to strengthen and enhance their capacity, capability and quality, and to have common policies and practices, audit tools and technology and common shared values leading to a common culture. Such network of CA firms can work with the guidance and advice of True and Fair in performing audits and also leverage on the brand of True and Fair as it evolves.

What’s more? We will provide real life case studies and practical training to aspiring and qualified Chartered Accountants (CA) and other eligible professionals who intend to make a career in financial auditing. We will provide advice to corporates on complex accounting matters, best practices in financial reporting, enhanced Internal Financial Controls over Financial Reporting (IFCoFR), advice on Governance and Environmental, Social and Governance (ESG) related topics. We will collaborate with Audit Regulators on standard setting, monitoring and inspection process and setting up a robust disciplinary mechanism.

Our Vision And Mission

Our overarching vision is to be recognised as the STANDARD SETTER in the financial reporting ecosystem regarding quality of audits undertaken and performed.

To achieve our vision, our mission is to build capacity and enhance the professional capability and quality of audits performed by audit firms.

Our Services

To Auditing Firms

Practical Training
& Development

To Corporates

To Regulators

Why True and Fair?

    Increased stakeholder expectations

  • NFRA has issued multiple Audit Quality Review Reports and has reported Audit Quality failures. The consequential implication of these reports has been monetary penalties and banning the auditor from audit practice.
  • The expectation of joint audits

  • Corporates that need joint audits and their current sole auditors will expect the other audit firm to meet audit quality expectations and carry the necessary expertise to perform large audits. Not withstanding whether joint audits are mandatory or not, the policies and guidance provided by True and Fair are aimed at enhancing the quality of audits by audit firms. The audit quality policies and procedures that will be laid out by True and Fair and the audit guidance and the Audit Documentation and Archival Tool (ADAT) that is being developed by True and Fair is scalable for large audit requirements.
  • Unify a divergent practice

  • Most of the audit firms in India are highly diverse, with fragmented professional practices. True and Fair aims to build capacity and enhance the capabilities of audit firms by providing a common platform for audit quality, best practices and policies, technical guidance, documentation tools and access to audit specialists, so that the audit firms can network and collaborate for their collective success and growth, delivering high quality audit services.

News

Use Third Party Validation to Check Fraud: Buch to Auditors

Source : The Economics Times

By ET Bureau, Nov 25, 2022

NFRA may get more teeth to act against audit lapses

Source : Live Mint

By Gireesh Chandra Prasad, April 19, 2022

Independence of CAs key to trust and integrity of financial statements: FM Sitharaman

Source : Fortune India

By JOE MATHEW, Nov 18, 2022

Videos

Introduction to True and Fair Professionals Network

Requirements of Auditors, approach and quality expectation- Y. H Malegam (Former Chairman - NACAS)

Insights on Quality Improvement - P.R. Ramesh

Blogs

A Dream leading to a Vision

True and Fair's policy enhancement in audit performance and auditor's reporting

Audit Quality Maturity Model (AQMM) – The way forward

News

Use Third Party Validation to Check Fraud: Buch to Auditors

Source : The Economics Times

By ET Bureau, Nov 25, 2022

NFRA may get more teeth to act against audit lapses

Source : Live Mint

By Gireesh Chandra Prasad, April 19, 2022

Independence of CAs key to trust and integrity of financial statements: FM Sitharaman

Source : Fortune India

By JOE MATHEW, Nov 18, 2022

Videos

Introduction to True and Fair Professionals Network

Requirements of Auditors, approach and quality expectation- Y. H Malegam (Former Chairman - NACAS)

Insights on Quality Improvement - P.R. Ramesh