 "IL&FS books, riddled with irregularities, sent to audit regulator NFRA")
The National Financial Reporting Authority (NFRA) has moved a step closer to international audit regulations with its latest inspection guidelines, but the audit community is awaiting clarity on finer details on how the authority will execute its plan.
NFRA has said that it will select firms on the basis of several risk principles including such as the size, composition and nature of the firm, and the number of audit engagements completed in the year under review. The complexity and diversity of financial statements audited would also be taken into account. However, what is unclear is whether these inspections would be
