The National Financial Reporting Authority (NFRA) has recommended 40 auditing standards and related quality management standards for Limited Liability Partnerships (LLPs), set to take effect from April 1, 2026, pending central government approval. The standards, finalized earlier this month, will apply to LLP audits on a mutatis mutandis basis, despite some opposition from members of the Institute of Chartered Accountants of India. Seven out of eight NFRA members supported the proposals during a recent meeting.
