The revised directions for statutory auditors of government companies, require auditors to assess the fair valuation of all investments for post-retirement employee benefits, including verifying methodologies and compliance with accounting standards like Ind AS. Auditors must also examine whether all accounting transactions are processed through IT systems and report implications of off-system processing. It mandate verification of proper accounting and utilization of funds (grants/subsidies) received from government entities, including interest earned on such grants. Auditors are required to evaluate the company’s identification of key risk areas and the formulation of a risk management policy, specifically checking if it considers global best practices and if data assets are identified and valued appropriately.