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Lead auditors to be held accountable for group lapses. So why are the small audit firms fretting? | Mint

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Lead auditors to be held accountable for group lapses. So why are the small audit firms fretting? | Mint

India's audit watchdog, the National Financial Reporting Authority (NFRA), is looking to close a regulatory loophole that allowed business groups to divert funds through subsidiaries without being held accountable. The proposed rules would make the lead auditors of conglomerates responsible for any fund diversions, aligning with international standards. However, concerns have been raised that this could lead to smaller audit firms being edged out by larger firms. The proposed changes will include exceptions for unlisted companies, public sector entities, and state-run banks. Industry experts have differing opinions on the potential impact of the proposed rules.

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