India's NFRA proposes enhanced auditor responsibilities for select companies, countered by ICAI concerns for smaller firms.

India's National Financial Reporting Authority (NFRA) proposes enhanced auditor responsibilities for consolidated financial statements, aligning with global standards. This has sparked opposition from the Institute of Chartered Accountants of India (ICAI), which argues it would empower large firms and threaten smaller ones. The NFRA contends the change affects only 1.5% of companies and exempts government entities, aiming to address past audit failures.

September 23, 2024
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