NFRA Proposes Updates to SQC1, SQM 1, SQM 2, and SAs Aligned with Global Standards, Effective from April 2026
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- Last Updated on 14 November, 2024
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The National Financial Reporting Authority (NFRA), in its recent meetings, proposed aligning Indian auditing and quality standards with international norms. Key revisions include the Standard on Quality Control (SQC1), Standards on Quality Management (SQM1 and SQM2), and an updated SA 600 standard, now tailored for Public Interest Entities (excluding public sector banks and PSUs) with adjustments in SA 299 to hold joint auditors jointly and severally accountable. NFRA also recommended that these standards be renamed as “IndSAs” and be effective from April 1, 2026, pending Central Government approval. Additionally, NFRA suggested adopting global standards such as SAs 800, 805, and 810 under the Companies Act. All regulators supported these proposals, though ICAI members expressed dissent.
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