The year 2024 marked a renewal of confrontations between the fledgling audit regulator and the statutory apex body of chartered accountants (CAs), after a spell of harmony.
In August, the Institute of Chartered Accountants of India (ICAI) raised concerns on the National Financial Reporting Authority's (NFRA) decision to revise the existing SA 600 (standard on auditing 600) auditing standards, and align them with the International Standard on Auditing 600 (ISA 600).
ICAI contended that changes in the SA 600, as proposed by NFRA, will lead to the concentration of work in the hands of large audit firms.
"There are apprehensions in the minds of small and medium CA firms who are generally entrusted with audit work of the subsidiary companies that the group auditor in the guise of overseeing quality of their work may persuade the managements to replace the small audit firms of subsidiary companies with that of his own firms leading to concentration of the audit work in the hands of few firms.
This would make the survival of the small firms difficult," ICAI noted.
هذه القصة مأخوذة من طبعة December 27, 2024 من Financial Express Chennai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 27, 2024 من Financial Express Chennai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Top IITs See a Drop in Campus Placements
● More students likely getting jobs independently
Top IITs see a drop in campus placements
• More students likely getting jobs independently
ICC explores two-tier Test cricket system
THE ICC, in collaboration with cricket boards of India, Australia and England is exploring the possibility of a two-tier Test system to facilitate more series between the big three nations.
US set to lift curbs on Indian nuclear entities
THE US GOVERNMENT is in the process of removing restrictions on Indian nuclear entities, its national security adviser (NSA) Jake Sullivan said on Monday, in a bid to forge deeper energy ties with New Delhi and bolster a 20-year-old landmark nuclear deal.
Centre eyes private capital for $107-bn grid expansion
INDIA IS ASKING states to attract more private capital to accelerate the expansion of its power transmission network, part of a plan to revamp the country's grid and accommodate more clean power.
Dam over Brahmaputra not to impact water flows to India
CHINA ON MONDAY reiterated its plan to build the world's biggest dam over the Brahmaputra River in Tibet near the Indian border, saying the planned project has gone through rigorous scientific verification and will not have any negative impact on downstream countries -- India and Bangladesh.
D-Street catches flu
HEADWINDS FOR MARKETS at the start of the year include higher US 10-year yields and a stronger dollar, the potential imposition of additional US tariffs on Asia-Pacific economies, and elevated economic policy uncertainty and geopolitical risk, Goldman Sachs strategists said in a note while trimming the MSCI Asia Pacific ex-Japan index's target to 620 from 630, as per a Bloomberg report.
Q-comm boost to gig worker hiring in 2025
THE HIRING BOOM will be driven by the expansion of dark stores, fuelled by new entrants and increased investments from established players.
Banks, NBFCs See Hit to...
THESE SUBSIDIARIES THEN use the data to approach the customer and offer products and services such as insurance, mutual funds, demat accounts and other related financial solutions.
Eight jawans among 9 killed in Naxal attack
IN THEIR BIGGEST strike on security forces in Chhattisgarh in two years, Naxals blew up a vehicle using an improvised explosive device weighing 60 to 70 kg, killing eight security personnel and their civilian driver in Bijapur district on Monday, police said.
