The ICAI intends to challenge the NFRA's recent amendments to audit standards, specifically SA 600 and SA 299, due to concerns about increased costs and duplication of work.
A senior member of the ICAI highlighted that global audit standards do not align with the Indian context, emphasizing the need for a customized approach.
The NFRA approved 40 auditing standards during its meeting on November 11-12, 2024, prompting the ICAI to seek further discussions with the Ministry of Corporate Affairs regarding these revisions.