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Audit standards in India under review?

The Indian Ministry of Corporate Affairs (MCA) has asked National Financial Reporting Authority (NFRA) to review Auditing and Assurance Standards for auditors, according to a report by dna india.

The MCA is said to be considering options to tighten up the current audit framework in light of the fraud case involving Infrastructure Leasing & Financial Services (IL&FS).

Among the rules under scrutiny, it is likely that the list of services that auditors are barred from offering alongside audit will be broadened. The Companies Act, 2013, still allows statutory auditors to provide services including M&A advisory and tax audit among others.

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