ICAI Floats Draft LLP Auditing Standards

THE INSTITUTE OF Chartered Accountants of India (ICAI) has issued draft auditing standards for limited liability partnerships (LLPs), aiming to bring them at par with "companies" in accountability and transparency.

- MANU KAUSHIK

Experts stated that these standards are a crucial step in strengthening regulatory oversight over LLPs, which have mushroomed across the country. At present, LLPs are not legally required to follow any specific accounting or auditing standards and ar