NFRA Approves Revised Auditing Standards
The National Financial Reporting Authority (NFRA) has approved revised auditing standards, aligning them with international norms. Key standards include SQM1, SQM2, and SA 600, which sparked concerns from the Institute of Chartered Accountants of India (ICAI) regarding joint audit responsibilities. NFRA overruled these objections, emphasizing joint and several liability. Renamed as Ind SAs, the standards aim to standardize practices and will take effect from April 1, 2026. These revisions are expected to enhance compliance, strengthen auditing processes, and boost investor confidence, reflecting a significant evolution in India’s regulatory framework.
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