NFRA clears 40 audit rules in spite of ICAI objections

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Times of India 13h ago

NFRA clears 40 audit rules in spite of ICAI objections - Times of India

Quick Summary:

The National Financial Reporting Authority (NFRA) approved 40 audit standards, aligning several with global norms despite objections from the Institute of Chartered Accountants of India.

This decision reinforces NFRA's authority over audit standard setting, potentially ending ICAI's attempts to reclaim lost powers.

Instead of making auditors jointly and severally responsible, ICAI had sought to make Indian auditors individually responsible, which makes it tough for the regulators to fix responsibility in case of wrong doings.