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 note said.
Esta historia es de la edición December 27, 2024 de Financial Express Chandigarh.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 27, 2024 de Financial Express Chandigarh.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Hallucinatory AI May Not Necessarily Be a Bad Thing
The smart machines, it turns out, are dreaming up riots of unrealities that help scientists track cancer, design drugs, and even win the Nobel Prize.
Putin Apologizes for 'Tragic' Azerbaijani Airplane Crash
But stops short of admitting airliner was shot down
Genome reveals how a small group burst out of Africa
DNA from European fossils dating back 45,000 years offers new clues to how our species spread across the world
Across the Aisle
Commentators described the BJP-led government as a 'minority' government that will force Mr Modi to be more circumspect and restrained. I did not share that view. They thought that Mr Modi will be more deferent to Parliament, but that too was belied by the Winter session. Apparently, on Mr Modi's instructions, the ministers and MPs carried on in the usual aggressive way, showed scant respect to Parliamentary rules and conventions, and rode roughshod over the Opposition
Defiant push to change Constitution
Support of two-thirds of the members present and voting required to pass a Constitution Amendment Bill.
What does the future hold for out-of-form India captain Rohit Sharma?
Rohit has had one 50-plus score in his last 14 visits to the crease, and his last Test hundred came in March in the home series against England, a high point for him as a batsman and skipper. The last home summer was a forgettable one and he has not reached double figures in his four innings in Australia since joining the team after the birth of his second child.
Biotech Advancements
Recent breakthroughs in the field of biotechnology are expected to provide solutions for dominant problems in 2025.
Adani Green Forms New Subsidiary for Renewables
ADANI GREEN ENERGY on Saturday incorporated a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited.
Scindia Meets FM to Discuss India Post's Profitability Path
COMMUNICATIONS MINISTER JYOTIRADITYA Scindia has met finance minister Nirmala Sitharaman to discuss India Post's path to profitability, an official release said on Saturday.
Zydus Wellness arm gets ₹56.33-cr GST demand
ZYDUS WELLNESS ON Saturday said its wholly-owned arm has received a GST demand of ₹56.33 crore, along with applicable interest and penalty from the tax authority.
