NFRA-ICAI turf war intensifies further; govt's intervention sought

Friction between the two regulatory bodies of the accounting profession — the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) — has intensified, creating a situation that calls for new Corporate Affairs Minister Nirmala Sitharaman’s intervention.

The NFRA has alleged it is not getting from the ICAI the details of auditing firms and professionals it has asked for. In a letter to Corporate Affairs Secretary Injeti Srinivas and ICAI President Prafulla P Chhajed, NFRA Secretary Vivek Narayan said: “The authority, as well as the Ministry of Corporate Affairs, has written five letters and emails between