Can ICAI set quality rules for audit firms?, Legal News, ET LegalWorld
Institute of Chartered Accountants of India’s (ICAI) stand taken in a disciplinary case in the Delhi High Court is being seen at variance, with its plea on the recently released Standard on Quality Management (SQM) covering services provided by audit firms. ICAI has argued that the Companies Act governs audit standards, which are notified by […]
ICAI takes matters into its own hands with new quality management standards, ET LegalWorld
The Institute of Chartered Accountants of India (ICAI) has released a new Standard of Quality Management (SQM) for chartered accountants and audit firms. This move comes despite legal requirements that these standards be notified by the government based on recommendations from the National Financial Reporting Authority (NFRA), ToI reported. NFRA, which oversees auditors and firms […]
Regulators, ICAI agree to align key a/c standard, Legal News, ET LegalWorld
After months of discussion, the National Financial Reporting Authority (NFRA) on Monday decided to move towards the International Standard of Audit 600 (ISA 600) for all listed companies, barring public sector companies and state-run banks and their branches. Separately, the Institute of Chartered Accountants of India (ICAI) also agreed to revise the Standard on Quality […]