New Delhi, Dec. 12 -- The Institute of Chartered Accountants of India (ICAI) has finalised a new set of auditing standards aimed at small and medium enterprises (SMEs). The move is intended at reducing the disclosure requirements and simplify the processes for auditors.

The ICAI has submitted the draft to the National Financial Reporting Authority (NFRA) for approval and is expected to notify the standards once regulatory clearance is obtained.

Simplified Framework

The proposed standards are aligned with the International Financial Reporting Standards (IFRS) for SMEs framework. ICAI officials highlighted that over 90 percent of audited companies in India are small or medium-sized, and the simplified framework is expected to streamline ...