India’s National Financial Reporting Authority (NFRA) issued a circular in June 2023 regarding the responsibilities of statutory auditors to report fraud they discover in the entities that they audit (NFRA Circular). The NFRA Circular has been clickbait, resulting in hyperbolic writing on its significance and analysis characterizing it as a game changer aimed at enhancing transparency and a significant reform. Unfortunately, not all agree. In this guest article, Sherbir Panag and Ishita Parashar of Panag & Babu examine the context in which the NFRA Circular was issued, discuss its implications and offer advice for companies on fostering a positive relationship with its auditors in India. See “WPP’s SEC Settlement Highlights Five Common Mistakes Companies Make When Entering the Indian Market” (Dec. 15, 2021).