'Principal auditor is responsible for a/cs'

NFRA clarified that principal auditors are accountable for consolidated financial statements in group audits, highlighting past failures involving IL&FS and Reliance Capital. Emphasizing mandatory adherence to auditing standards, NFRA dismissed claims that standard provisions were optional and confirmed auditors' rights to review subsidiary records.

Oct 4, 2024 - 00:00
'Principal auditor is responsible for a/cs'

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NFRA clarified that principal auditors are accountable for consolidated financial statements in group audits, highlighting past failures involving IL&FS and Reliance Capital. Emphasizing mandatory adherence to auditing standards, NFRA dismissed claims that standard provisions were optional and confirmed auditors' rights to review subsidiary records.
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