This legal assessment supports NFRA's position, which disputes ICAI's jurisdiction over these matters. Standard on Quality Management ... "ICAI can’t amend audit norms without approval: SGI ...

Solicitor General Tushar Mehta's backing of ... 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 ...

The confirmation comes after the ICAI's recent introduction of new SQMs to modify auditing standards in October 2024.

which NFRA considered illegal. The matter aligns with aligning domestic audit norms with global standards. The Institute of Chartered Accountants of India (ICAI) doesn’t have the power to issue ...

The Institute of Chartered Accountants of India (ICAI) cannot independently issue standards on quality management (SQMs) or amend audit norms, Tushar Mehta, the Solicitor General of India, told the ...

The penalty pertains to Deloitte's audit of ... the Engagement Quality Control Review (EQCR) Partner, faced a penalty of Rs 5 lakh and a three-year ban from auditing roles. NFRA clarified that ...

The NFRA has fined Deloitte Haskins & Sells LLP Rs 2 crore and imposed penalties on two auditors for failing in their audit ...

The National Financial Reporting Authority (NFRA) has identified lapses in the audit practices of MSKA & Associates, ...