Audit Needs To Be Proper

Global investors will look for transparent accounting, best practices are a must

The last couple of years have seen the National Financial Reporting Authority (NFRA), the audit watchdog born in 2018, getting its act together with a keen sense of purpose and apparent determination. This is consistent with the need for a qualitative improvement in India's audit systems and processes, and to move in synchrony with the constantly evolving global standards. As the NFRA has put its foot down and widened the scope of inspections, however, a host of controversies have erupted, which refuse to die down easily. While the demarcation of the mandates of the Institute of Chartered Accountants of India (ICAI), the statutory body regulating the CA profession, and the NFRA was thoroughly debated during the formative period of NFRA itself, and defined with reasonable clarity, the "turf conflicts" weren't to end soon.