NFRA vs ICAI: The Audit Standard SA600 and Impact on CA Firms to be Discussed

The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) are set to discuss the implications of the Audit Standard SA600, particularly its impact on Chartered Accountant (CA) firms. SA600 deals with using the work of another auditor, which has significant repercussions for auditing practices and the responsibilities of principal auditors. The discussion will focus on how these standards influence audit quality, inter-firm coordination, and the professional liability of auditors. The outcome of these discussions could lead to changes in auditing practices, potentially affecting the regulatory landscape for CA firms in India.