Quick Summary
The National Financial Reporting Authority (NFRA) is gearing up for a pivotal board meeting on November 11 and 12, where it is expected to deliberate on revisions to all 35 standards on auditing (SA), including SA600, and examine 16 "consequential" changes to the audit standards recently proposed by the Institute of Chartered Accountants of India (ICAI). This follows NFRA's move to issue draft norms for SA600 - a standard that has sparked ongoing tension with ICAI. A key topic on the agenda w
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FAQ :
The NFRA board meeting is scheduled for November 11 and 12.
The main audit standard being revised is SA600, which deals with the accountability of the principal auditor for a corporate group's financial statements.
ICAI opposes the SA600 revisions because they believe it could give large firms more power to influence management and replace smaller component auditors, potentially consolidating audit work.
NFRA disputes ICAI's authority to independently issue standards on quality management (SQMs), arguing they are linked to audit standards and require government notification based on NFRA's recommendations. ICAI maintains SQMs are outside NFRA's remit.
Major regulators such as the Reserve Bank of India, SEBI, and the Comptroller and Auditor General back NFRA's contention that SA600 revisions are needed to align with global standards.
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