NFRA likely to notify revised audit standards soon amid ICAI concerns

ICAI feels that given the complexities of the Indian market, the revised standards will concentrate audit work in the hands of a few big firms

The tug of war between the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) over the need to revise India’s auditing standards to match global norms further intensified recently with the CA body bringing new quality management rules without taking the auditing regulator on board.

 

While the proposed adoption of revised International Standards on Auditing (ISA) 600 itself has become a bone of contention between the two regulators, several auditors themselves have supported the move. Many of the big audit firms feel that any move to strengthen audit quality and enhance trust in financial