True and Fair Professionals Network

Strengthen the performance of auditors in the financial reporting ecosystem. We 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 [ADAT], Audit Documentation Content [ADOC] access to experts, trainings, and insights on best practices in the financial reporting ecosystem. "Quality Lead" Program wherein we will take the role of the Firm's Quality Leader for a specific period as agreed with the Firm, to help them establish a Quality Policy with an Audit Methodology and would additionally involve providing guidance on development and implementation of policies and practices.

Provide common culture and platform to CA Firms to form Network of CA Firms – True and Fair believes in enabling 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 leverage on the brand of True and Fair as it evolves.

What’s more? We provide real life case studies and practical training to the representatives of the CA firms on technical aspects and practical matters in performance of the statutory audit and we will provide 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 benchmark 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

Training

A key requirement for various Firms under the AQMM v.1 issued by ICAI is to have regular training programs on general and specific topics for all staff members (including Partners). In order to assist the Firm’s in their learning and development efforts in line with their policies and practices as well as compliance with the AQMM requirements, we at True and Fair Professionals Network bring to you In-Tuition, a focused in-classroom or virtual or hybrid training program with various plans to assist small to large sized firms, to provide training to new hires (articles or paid assistants), experienced hires (audit senior or manager) and engagement leaders (Partner/ Director) on various audit related topics.

(ADOC) Audit Documentation Content

The Audit Documentation Content (ADOC), represents the core content created by True and Fair which serves as the base for the yet to be launched Audit Documentation and Archival Tool (ADAT). Based on feedback consistently received from various audit firms wherein they have expressed an interest to use this content pending the launch of A DAT. ADOC currently provides an exhaustive library of all the content within a detailed Index, so as too facilitate auditors to plan a comprehensive audit of the Financial Statements including reporting.

ADAT®️ (Audit Documentation and Archival Tool)

The Audit Documentation and Archival Tool (ADAT) facilitates auditors to document their audit work securely ensuring compliance with auditing standards as set by Regulators and to meet their expectations for monitoring and inspection. ADAT comprises work paper templates, an exhaustive library of risks linked to possible audit responses, reference audit programs, checklists, and more - all of which can be customised to the specific auditing needs.

Training

A key requirement for various Firms under the AQMM v.1 issued by ICAI is to have regular training programs on general and specific topics for all staff members (including Partners). In order to assist the Firm’s in their learning and development efforts in line with their policies and practices as well as compliance with the AQMM requirements, we at True and Fair Professionals Network bring to you In-Tuition, a focused in-classroom or virtual or hybrid training program with various plans to assist small to large sized firms, to provide training to new hires (articles or paid assistants), experienced hires (audit senior or manager) and engagement leaders (Partner/ Director) on various audit related topics.

(ADOC) Audit Documentation Content

The Audit Documentation Content (ADOC), represents the core content created by True and Fair which serves as the base for the yet to be launched Audit Documentation and Archival Tool (ADAT). Based on feedback consistently received from various audit firms wherein they have expressed an interest to use this content pending the launch of A DAT. ADOC currently provides an exhaustive library of all the content within a detailed Index, so as too facilitate auditors to plan a comprehensive audit of the Financial Statements including reporting.

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. Notwithstanding 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)/ Audit Documentation Content (ADOC) that is being developed/ 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

Audit committees, independent directors should ask questions to auditors and CFOs•. NFRA Chair

Source : ETCFO

By Mannu Arora Oct 19, 2023

Large unlisted companies may be regulated

Source : ETCFO

By Banikinkar Pattanayak Sep 26, 2023

NFRA says biggest focus is to ensure that auditors do their job properly

Source : ETCFO

By Mannu Arora & Vartika Rawat Sep 23, 2023

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

Audit committees, independent directors should ask questions to auditors and CFOs•. NFRA Chair

Source : ETCFO

By Mannu Arora Oct 19, 2023

Large unlisted companies may be regulated

Source : ETCFO

By Banikinkar Pattanayak Sep 26, 2023

NFRA says biggest focus is to ensure that auditors do their job properly

Source : ETCFO

By Mannu Arora & Vartika Rawat Sep 23, 2023

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