ICAI New Audit Quality Management Standards are Void and Illegal: NFRA

The NFRA has declared the new audit quality management standards issued by the ICAI as void and illegal. The case involved the ICAI issuing new standards for audit quality management, which were challenged by the NFRA. The NFRA found that the standards were not in compliance with the legal framework and declared them void. This ruling emphasizes the importance of adhering to established legal and regulatory standards in audit practices and ensures that audit quality management is conducted in accordance with the law.