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.
This story is from the December 27, 2024 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 27, 2024 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Smart Cities Mission: School enrolment up 22%
STEPS TAKEN UNDER the Smart Cities Mission have led to a 22% increase in school enrolment in 19 cities and improved real-time tracking of criminal activities, according to two studies by the Indian Institute of Management, Bangalore.
South steals the spotlight
Hits from Hindi film industry in post-Covid era have been fewer and far between
Does India want BGT win or Rohit back in form?
THE GREAT GAMBLE didn't come off. The opening didn't need any fixing; Rohit Sharma's batting did. But the most bewildering event was not that Rohit opened but the way he went about it.
Jewellery units lose sheen on weak Rupee
THE DEMAND IN east Asia, however, has been tepid.
UltraTech to buy stake in Star Cement
BOTH THE PLAYERS are snapping up small cement players to consolidate their positions and achieve their targeted growth ahead of time.
Byju Raveendran: From boom to bust
BY EARLY 2024, these issues culminated in severe consequences.
IIFL Home Finance expects 15% AUM growth in FY25
NET INTEREST MARGIN MAY GO DOWN BY 10-20 BASIS POINTS
Richard Parsons, who rescued Time Warner, Citigroup, dies
RICHARD PARSONS, THE executive dubbed \"Captain Emergency\" for his record of stabilizing ailing companies such as AOL Time Warner, Citigroup and Dime Savings Bank of New York, has died. He was 76.
Russia warns Trump against resumption of nuclear testing
RUSSIA'S POINT MAN for arms control cautioned Donald Trump's incoming administration on Friday against resuming nuclear testing, saying Moscow would keep its own options open amid what he said was Washington's \"extremely hostile\" stance.
Nissan shares decline most since August
NISSAN MOTOR'S SHARES declined the most since August's market rout, amid volatility as investor focus shifts to the terms of the carmaker's planned deal with Honda Motors.
