New Delhi, April 10, 2025 – The Institute of Chartered Accountants of India (ICAI) has published an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs) that is a significant development to enhance audit practices for LLPs under the Limited Liability Partnership Act, 2008. The Auditing and Assurance Standards Board (AASB) of ICAI developed the draft, which amends existing SAs for companies with necessary amendments to suit the LLP format.
The project is in accordance with a Ministry of Corporate Affairs (MCA) directive to develop an independent set of auditing standards for LLPs. The draft includes amendments to align it with six newly released standards—SQM 1, SQM 2, SA 220 (Revised), SA 250 (Revised), SA 315 (Revised), and SA 540 (Revised)—and adds LLP-specific amendments, including modified wording, rewritten text, and updated illustrative formats such as auditor reports and engagement letters.
Major Features of the Exposure Draft
Conforming Amendments: Blue-marked changes to text, paragraph numbers, and footnotes not available for public comment.
LLP-Specific Changes: LLP-specific changes and formats are in yellow, and public comments are invited.
First-Time Notification: Since these SAs are being notified for the first time under the LLP Act, the words “Revised” have been dropped from their titles.
Exposure Draft is downloadable at: https://resource.cdn.icai.org/85382aasb-ed-saallp.pdf.
Call for Comments
The AASB invites stakeholders to provide feedback on the LLP-specific amendments by May 1, 2025. Feedback should be supported by reference to specific paragraphs, good reasons, and alternative wording, where applicable.
Submissions can be lodged using:
Online (Preferred): https://forms.gle/zxZ13RLnci6tru5k9
Email: [email protected]
By Post: Secretary, Auditing and Assurance Standards Board, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002.
This Exposure Draft demonstrates the dedication of ICAI to see that auditing standards are in harmony with the specific needs of LLPs to provide sound financial reporting and compliance. Stakeholders are invited to respond to the standards to further refine them prior to final adoption.