NFRA may take up revision of 35 audit standards next week
NFRA) will likely deliberate on the revision of all the 35 standards on auditing (SA)-including the SA600 for which it has issued draft norms-and the issues that have sparked its tussle with the Institute of Chartered Accountants of India (ICAI) in its next board meeting on November 11 and 12, people aware of the development said.
NFRA will also seek to review the standards on quality management (SQMs) of audit firms and 16 «consequential» changes in the audit standards, already floated by the ICAI on October 14.
The meeting of the 12-member NFRA board is expected to be a stormy affair, as it has three representatives from the ICAI who would push for a pause in the upgrade of the SA600 and also assert the institute's right to issue the SQMs, one of the people told ET.
Raging tussle
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