Concerns about new audit norms misplaced: NFRA

Worries about audit getting concentrated in the hands of a few big firms owing to revision in auditing standards with respect to group companies are not justified, National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey told Business Standard.

- RUCHIKA CHITRAVANSHI

"Misplaced anticipation about some unknown problem cannot stop us from aligning to global standards and work towards greater transparency and investor Pandey added protection," He said even if there were remote examples of such cases those could be remedied by the government by putting a cap on the number of audits a group auditor could do for subsidiaries.

"For a Viksit Bharat, India needs to have global accounting and auditing standards.

We cannot afford to have standards that are inferior," Pandey said.