NFRA likely to propose audit norms for LLPs

Guidelines expected after board meeting on November 25

- Ruchika Chitravanshi

The National Financial Reporting Authority (NFRA) has called a meeting of its board members on November 25 to discuss the audit standards for limited liability partnerships (LLPs), according to official sources.

The meeting will be attended by representatives of the Institute of Chartered Accountants of India (ICAI), which had earlier drafted a Guidance Note on financial statements of LLPs.

This meeting would follow the two-day board meeting being held on Monday and Tuesday to get the views of the members on its proposed revisions to the Standards on Auditing 600 (SA 600) to match the international standards (ISA 600).