NFRA Seeks Public Comments on Proposed SA 600 Revisions to Enhance Audit Quality for PIEs
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 18 September, 2024
Latest from Taxmann
The National Financial Reporting Authority (NFRA) has identified critical deficiencies in audit quality related to Group audits under SA 600, specifically impacting Public Interest Entities (PIEs). These deficiencies stem from audit firms’ and auditors’ inadequate understanding of legal responsibilities and improper application of standards, resulting in negligence that affects stakeholders adversely. Despite the continued enforcement of the 2009 Standards on Auditing (SAs) under section 143(10) of the Act, NFRA has urged the Institute of Chartered Accountants of India (ICAI) to update these standards to align with the latest legal and international frameworks. In response, ICAI proposed draft revisions for 35 SAs in 2022, but these did not fully incorporate updates from international standards, notably ISA 600 “Special Considerations ? Audits of Group Financial Statements. (Including the Work of Component Auditors)”. Consequently, NFRA is proposing a comprehensive revision of SA 600 to address key areas such as clarifying auditor roles, enhancing materiality and risk assessment, improving supervision and documentation, and aligning with international standards.
NFRA is now seeking public comments on these proposed revisions. Feedback should address specific questions related to the proposed changes and include empirical data and alternative suggestions where applicable. The deadline for submitting comments is 30 October 2024.
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
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
