{"id":174582,"date":"2024-11-14T06:52:36","date_gmt":"2024-11-14T06:52:36","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/14\/icai-to-seek-review-of-nfra-move-on-audit-standards-times-of-india\/"},"modified":"2024-11-14T06:52:36","modified_gmt":"2024-11-14T06:52:36","slug":"icai-to-seek-review-of-nfra-move-on-audit-standards-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/11\/14\/icai-to-seek-review-of-nfra-move-on-audit-standards-times-of-india\/","title":{"rendered":"ICAI to seek review of NFRA move on audit standards &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"190\" src=\"https:\/\/i1.wp.com\/static.toiimg.com\/thumb\/msid-115268123,imgsize-29260,width-400,resizemode-4\/115268123.jpg?fit=400,190&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ICAI to seek review of NFRA move on audit standards &#8211; Times of India\" title=\"ICAI to seek review of NFRA move on audit standards &#8211; Times of India\" \/><\/div><p> <br \/>\n<\/p>\n<div data-articlebody=\"1\">\n<div class=\"_s30J clearfix  \">\n<div class=\"MwN2O\">\n<div class=\"T22zO\">\n<section class=\"D3Wk1  clearfix id-r-component leadmedia undefined undefined  VtlfQ\" style=\"top:0px\">\n<div class=\"D3Wk1\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"zPaFh\">\n<div class=\"wJnIp\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<p>NEW DELHI: The Institute of Chartered Accountants of India (ICAI) is going to move the ministry of corporate affairs for a review of the National Financial Reporting Authority\u2019s decision to amend Standards of Audit (SA) 600 and SA 299, arguing it is not feasible to \u2018blindly adopt\u2019 global standards in the Indian context.<br \/>\u201cThey are citing a few abrasions to seek these changes. If someone (auditor) is negligent, it doesn\u2019t mean the standard is wrong. We have said that in these years you should not regret concentration of work in the hands of a few large firms and frauds should not increase,\u201d a senior ICAI functionary said, a day after NFRA voted in favour of recommending changes, which will be notified by MCA.<br \/>The official said views were similar on 38 of the 40 standards but argued that there were several member countries of the International Federation of Accountants, including India, China and the US, which only adopted the standards partially. \u201cGiven the diversity in India, carveouts are needed. If you want to fix the responsibility of the auditor of the holding company, there are other ways to do that, like mandatory reporting of critical areas,\u201d the source added.<br \/>NFRA has argued that the changes were required to plug loopholes that it had seen during its probe into scam cases such Reliance Home Finance, DHFL, IL&amp;FS and Caf\u00e9 Coffee Day.<\/div>\n<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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