Can ICAI set quality rules for audit firms?

ICAI's stance in a disciplinary case appears conflicting with its recently released Standard on Quality Management (SQM) for audit firms. ICAI claims the Companies Act governs audit standards, while contending in court they lack jurisdiction over audit firms. NFRA pushes ICAI to align with global norms, aiming to clear regulatory ambiguities.

Nov 2, 2024 - 07:30

Can ICAI set quality rules for audit firms?

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ICAI's stance in a disciplinary case appears conflicting with its recently released Standard on Quality Management (SQM) for audit firms. ICAI claims the Companies Act governs audit standards, while contending in court they lack jurisdiction over audit firms. NFRA pushes ICAI to align with global norms, aiming to clear regulatory ambiguities.