NFRA Proposes Updates to SQC1, SQM 1, SQM 2, and SAs Aligned with Global Standards, Effective from April 2026
- News|Blog|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 14 November, 2024
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.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied