Audit Quality Dynamics in the Wake of Ind-As and IFRS Convergence: A Study of Nifty-50 And BSE-Sensex Listed Companies

Indian Accounting Standards (IND-AS), International Financial Reporting Standards (IFRS), Convergence, Audit opinion, Audit quality, Disclosures, Reporting

A major shift has occurred in India's regulatory and financial reporting landscape with the merging of Indian Accounting Standards (IND-AS) with International Financial Reporting Standards (IFRS). Employing a mixed-methods strategy, this research delves into how this change has affected audit quality for Nifty-50 and BSE-SENSEX enterprises. The quantitative analysis involves using a paired sample T-test to compare audit fees before and after the installation of IND-AS. Audit fees are used as a proxy for audit effort and quality. Audit reports and management commentary are analyzed qualitatively using NVivo software. Recurring themes pertaining to audit complexity, disclosure procedures, and compliance problems are captured. Despite a general trend towards higher audit fees followping adoption, the data show that this trend is not statistically significant for all organizations. In addition to the statistical research, the qualitative findings show that auditors confront more scrutiny, longer audit deadlines, and difficulties with adaptation. Beyond simple numerical patterns, this two-pronged analysis sheds light on the ways in which IFRS convergence affects audit practices, effort, and quality. Auditor, legislator, and business executive management of post-convergence audit dynamics in India can benefit from the study's conclusions.