SA 600, an audit standard for group financial statements, making the lead auditor responsible for consolidated financial statements even if subsidiaries are audited by others.
However, ICAI is not in favour of this change.
NFRA also proposed to the government to notify two standards on quality control at the level of the audit firm as per global practices.
Later in the month, it proposed similar changes for audit norms of limited liability partnerships.
This story is from the January 02, 2025 edition of Mint New Delhi.
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This story is from the January 02, 2025 edition of Mint New Delhi.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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