Audit News

ICAI Proposes Mandatory Qualifications for Forensic Audit Professionals

27 November 2024 at 09:14

The Institute of Chartered Accountants of India (ICAI) is taking a significant step toward strengthening forensic auditing practices by drafting guidelines to introduce mandatory qualifications for forensic auditors.

Posted in Audit | 14394 Views

NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition

16 November 2024 at 07:00

National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey has dismissed concerns that revising audit standards for group company audits will lead to audit concentration among a few large firms.

Posted in Audit | 5049 Views

ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments

15 November 2024 at 14:23

The Institute of Chartered Accountants of India (ICAI) has urged the Ministry of Corporate Affairs (MCA) to reconsider recent amendments to auditing standards proposed by the National Financial Reporting Authority (NFRA).

Posted in Audit | 6732 Views

NFRA Recommends Comprehensive New Audit Framework for India by April 2026

13 November 2024 at 09:34

NFRA recommends revision of the Standard quality control (SCQ1) and Standard quality management (SQM1 and SQM2), on the lines of the global Standards

Posted in Audit | 3588 Views

NFRA Set to Propose Audit Norms for LLPs in 25th Nov Board Meeting

12 November 2024 at 05:58

The National Financial Reporting Authority (NFRA) has convened a board meeting scheduled for November 25, where it will examine and potentially set audit standards for limited liability partnerships (LLPs), according to official sources.

Posted in Audit | 2598 Views

NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI

08 November 2024 at 06:51

NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI

Posted in Audit | 2904 Views

ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance

15 October 2024 at 08:50

The Institute of Chartered Accountants of India (ICAI) is issuing the following standards

Posted in Audit | 1227 Views

NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit

12 October 2024 at 09:10

The NFRA has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct during the audit of CDEL for the financial year 2019-20.

Posted in Audit | 3357 Views

NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits

19 September 2024 at 09:13

The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.

Posted in Audit | 1 comments | 2829 Views

ICAI vs NFRA: Clash Over Proposed Overhaul of Key Audit Standard SA 600

05 September 2024 at 09:10

The Institute of Chartered Accountants of India (ICAI) is in a standoff with the National Financial Reporting Authority (NFRA) over a proposed revamp of the auditing standard SA 600, which deals with the "Use of the Work of Another Auditor."

Posted in Audit | 4359 Views