NFRA for audit standards in line with global norms

Recommends revision that will hold group auditor responsible for the audit

- Ruchika Chitravanshi

The National Financial Reporting Authority (NFRA) on Tuesday recommended the revision of Standards on Auditing (SA) 600 to hold the group auditor ultimately responsible for the audit, in line with the global Standard ISA 600, following its two-day board meeting.

The authority also approved the other 33 Auditing Standards in line with corresponding Global Standards. The standards are recommended to be effective from April 1, 2026, upon the approval of the government, the NFRA said in a press statement. "This demonstrates how various regulators can come together and work to achieve this great national task. It is an example of strong inter-regulatory coordination, which we are all very proud of. It is a historic moment for auditing and corporate governance in India," NFRA Chairman Ajay Bhushan Pandey told Business Standard.