NFRA clears 40 audit rules in spite of ICAI objections

The National Financial Reporting Authority (NFRA) approved 40 audit standards, aligning several with global norms despite objections from the Institute of Chartered Accountants of India. This decision reinforces NFRA's authority over audit standard setting, potentially ending ICAI's attempts to reclaim lost powers.

NFRA clears 40 audit rules in spite of ICAI objections

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The National Financial Reporting Authority (NFRA) approved 40 audit standards, aligning several with global norms despite objections from the Institute of Chartered Accountants of India. This decision reinforces NFRA's authority over audit standard setting, potentially ending ICAI's attempts to reclaim lost powers.