Can ICAI set quality rules for audit firms?

Quick Summary:

ICAI's stance in a disciplinary case appears conflicting with its recently released Standard on Quality Management (SQM) for audit firms.

ICAI claims the Companies Act governs audit standards, while contending in court they lack jurisdiction over audit firms.

NFRA pushes ICAI to align with global norms, aiming to clear regulatory ambiguities.

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Article Details

Author / Journalist: Sidhartha

Category: EconomyBusiness

Markets: India

Topics: ICAI Quality management Business news Companies Act SQM Audit firms

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-02 @ 09:10:08 (10 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 539 words

Reading Time: 3 minutes read

Sentences: 26 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 23368085

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Official Website: timesofindia.indiatimes.com

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