The National Financial Reporting Authority (NFRA) has suggested the adoption of several auditing standards for Limited Liability Partnerships (LLPs), which are awaiting approval from the Central Government.

The NFRA has finalized 40 Standards of Auditing (SAs) and related Standards on Quality Management (SQM) during its recent meeting, which will be applicable to LLP audits on a mutatis mutandis basis.

Despite opposition from some members of the Institute of Chartered Accountants of India (ICAI), the proposals received strong support during the meeting. The recommendations were backed by seven NFRA members, including representatives from the Comptroller and Auditor General (CAG) and the Reserve Bank of India (RBI), as well as independent experts from prominent institutions.