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ICAI has formed a special group to interact with the Government on a day-to-day basis for the formation of the National Financial Reporting Authority (NFRA) Rules.
Govt intends to amend the laws aimed at streamlining the functioning, in particular disciplinary aspects, of the three ICAI, ICWAI and ICSI professional bodies. A bill to amend the relevant provisions of the legislation governing the three bodies is expected to be launched during the second half of Parliament’s budget session.
The idea is to step up the oversight of the three bodies after a committee recommended several amendments almost three years ago. In fact, some of the proposals have been accepted and legal changes are being made in consultation with the institutions.
Also Read : NFRA’s Consultation Paper on Statutory Audit and Auditing Standards for MSMCs
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