NFRA aims to adopt best global accounting, auditing standards: Chairman

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NFRA aims to adopt best global accounting, auditing standards: Chairman - Business Standard

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Amid NFRA and chartered accountants' apex body ICAI having differences over proposed changes to an accounting standard related to group audits, Pandey also flagged that there have been a series of corporate failures in the country and emphasised the need for high-quality reporting and auditing frameworks.

NFRA Chairperson Ajay Bhushan Prasad Pandey on Tuesday said the regulator's efforts are to incorporate best global standards, which are required for the country to have big homegrown accounting and auditing firms.

Speaking at a webinar on 'Risk-Based Approach of ISQM-1: Building High Quality Audit Firms', Pandey said the desire is to incorporate best global standards.