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NFRA advises new audit standards for LLPs; ICAI Objects
Mint Mumbai
|November 26, 2024
The National Financial Reporting Authority (NFRA) on Monday recommended audit standards for limited liability partnerships (LLPs), although the accounting and auditing self-regulator Institute of Chartered Accountants of India (ICAI) expressed reservations about some of the proposals, the ministry of corporate affairs said in a statement.
Upon the approval of the Union government, these standards will be effective from 1 April 2026, the ministry said in the statement about NFRA's Monday meeting.
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