It can also not take action against any audit firm but only Chartered Accountants, sources said.
The authority to issue any standards regarding audit and accounting vests only with the government and in this case the Ministry of Corporate Affairs (MCA). "Neither NFRA nor ICAI have the power to issue binding standards of audit. They can only make recommendations to the government who can then take the final call to accept or reject those suggestions," the source said.
This story is from the November 16, 2024 edition of Business Standard.
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This story is from the November 16, 2024 edition of Business Standard.
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