New Delhi, Jan. 2 -- The National Financial Reporting Authority (NFRA) has secured an edge over the Institute of Chartered Accountants of India (ICAI) in regulating the audit and accounting profession, with the Solicitor General of India backing the former's powers in some respects.
ICAI cannot investigate statutory auditors of listed companies and large unlisted businesses governed by NFRA, according to the legal opinion given by Solicitor General Tushar Mehta, two persons informed about the development said. The top lawyer also endorsed NFRA's power to make independent recommendations to the government on audit and accounting standards, going beyond merely commenting on ICAI's recommendations.
Mehta's backing of NFRA's power to give i...
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