ICAI council to weigh proposed revamp of audit in sync with global standards

The National Financial Reporting Authority (NFRA) has firmed up draft norms to overhaul the extant Standard on Auditing (SA) 600. The revised standard will apply only to listed companies and banks, barring the state-run ones. ET reported on Thursday that the ICAI had raised its concerns over the NFRA draft norm, which proposes to make the principal auditor of a corporate group responsible for the entire group's financial statements.