Govt ‘not willing to interfere’ in affairs of NFRA and ICAI
The corporate ministry is of the view that charters of the 2 institutions are clearly defined and are distinct, and their contradictory views on issues relating to statutory audit of small firms and the accounting standards applicable to them must be sorted out between themselves
The government is not willing to interfere in the workings of either the audit regulator, National Financial Reporting Authority (NFRA), or the Institute of Chartered Accountants of India (ICAI), despite the differences between the two statutory bodies on certain policies, said a person familiar with discussions seeking anonymity.
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