The Solicitor General of India has confirmed that the National Financial Reporting Authority (NFRA) holds the exclusive authority to issue Standards on Quality Management for auditing, as the Institute of Chartered Accountants of India (ICAI) lacks such powers under the ICAI Act of 1949. This opinion has received backing from key regulators, including the CAG, RBI, and SEBI, emphasizing NFRA's role as the statutory regulator in auditing and accounting.
