Audit News
NFRA Recommends Comprehensive New Audit Framework for India by April 2026
13 November 2024 at 09:34NFRA recommends revision of the Standard quality control (SCQ1) and Standard quality management (SQM1 and SQM2), on the lines of the global Standards
NFRA Set to Propose Audit Norms for LLPs in 25th Nov Board Meeting
12 November 2024 at 05:58The 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.
NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI
08 November 2024 at 06:51NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI
ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance
15 October 2024 at 08:50The Institute of Chartered Accountants of India (ICAI) is issuing the following standards
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit
12 October 2024 at 09:10The 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.
NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits
19 September 2024 at 09:13The 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.
ICAI vs NFRA: Clash Over Proposed Overhaul of Key Audit Standard SA 600
05 September 2024 at 09:10The 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."
NFRA Imposes Rs 10 Crore Penalty on BSR & Associates, Debars Two Auditors in CCD Case
20 August 2024 at 17:34The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years.
ICAI | Exposure Draft: Audit Quality Maturity Model (AQMM) Version 2.0 Open for Public Comments
13 July 2024 at 09:12The Centre for Audit Quality proposes to bring out version 2.0 of the Audit Quality Maturity Model.
ICAI Gains Full Power to Regulate Big Four Audit Firms
06 July 2024 at 12:54In a landmark decision, the Delhi High Court has reaffirmed the regulatory powers of the Institute of Chartered Accountants of India (ICAI) over affiliates of the Big Four firms operating in India.
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