ICAI to knock on MCA door against proposed audit standard revision

The NFRA, after its board meet, has suggested revisions to 40 Standards on Auditing

The Institute of Chartered Accountants of India (ICAI) will raise concerns with the Ministry of Corporate Affairs (MCA) over revisions to two audit standards, sources in the institute told Business Standard.

 

After its 18th board meeting on Tuesday, the National Financial Regulatory Authority (NFRA) recommended revisions to 40 Standards on Auditing (SA), including SA 600 and SA 299, which deal with group and joint audits, respectively.

 

The ICAI had voiced its disagreement with these two standards during the NFRA board meeting. According to ICAI sources, aligning SA 600 and SA 299 with global norms would be detrimental to Indian firms