NEW DELHI: The Institute of Chartered Accountants of India (ICAI) on Friday requested regulator Nationwide Monetary Reporting Authority (NFRA) to pause the proposed modifications within the auditing normal SA 600 associated to group audits, probably setting the stage for a confrontation.
In a press release, ICAI argued that the transfer by NFRA got here as a shock and sought extra time for complete evaluate and discussions with all stakeholders.Sources countered ICAI’s declare, saying that the difficulty has been pending since 2009 and NFRA has been elevating the matter periodically, beginning with 2020, which was adopted by one other request in 2021. Even in April 2024, the difficulty was flagged to ICAI, which had sought time to check the proposal, stated a supply, including that for 15 years, the company was in “everlasting pause mode” on the difficulty.
“The ICAI Council, in its assembly held on Sept 17, 2024, expressed its view that whereas the present SA 600 has been efficient and has stood the take a look at of time, there’s room for additional evaluate and strengthening to higher serve public curiosity. The Council has tasked the Auditing and Assurance Requirements Board with this evaluate and begin the method of reviewing the usual for publicity as has been the observe in ICAI,” the company, which regulates bulk of the auditors within the nation, stated, including that NFRA’s session paper was issued on the identical day because the council assembly. It stated it’ll ship inputs after session course of is accomplished.
The NFRA paper, sources stated, has addressed a number of of the problems that was flagged by ICAI. NFRA, which was arrange after enactment of Corporations Act 2013, was not notified for a number of years, with govt blaming it on intense lobbying by ICAI.
In a press release, ICAI argued that the transfer by NFRA got here as a shock and sought extra time for complete evaluate and discussions with all stakeholders.Sources countered ICAI’s declare, saying that the difficulty has been pending since 2009 and NFRA has been elevating the matter periodically, beginning with 2020, which was adopted by one other request in 2021. Even in April 2024, the difficulty was flagged to ICAI, which had sought time to check the proposal, stated a supply, including that for 15 years, the company was in “everlasting pause mode” on the difficulty.
“The ICAI Council, in its assembly held on Sept 17, 2024, expressed its view that whereas the present SA 600 has been efficient and has stood the take a look at of time, there’s room for additional evaluate and strengthening to higher serve public curiosity. The Council has tasked the Auditing and Assurance Requirements Board with this evaluate and begin the method of reviewing the usual for publicity as has been the observe in ICAI,” the company, which regulates bulk of the auditors within the nation, stated, including that NFRA’s session paper was issued on the identical day because the council assembly. It stated it’ll ship inputs after session course of is accomplished.
The NFRA paper, sources stated, has addressed a number of of the problems that was flagged by ICAI. NFRA, which was arrange after enactment of Corporations Act 2013, was not notified for a number of years, with govt blaming it on intense lobbying by ICAI.
