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Strengthening of group audits should benefit investors

Money Control · 6m

The National Financial Reporting Authority (NFRA) has proposed a new accounting standard that aims to regulate group audits. This standard will govern how audits are conducted for companies with subsidiaries and associates and will hold the principal auditor accountable for the consolidated financial statements. The NFRA has released a draft of the proposed accounting standard on relying on the work of another auditor, which is crucial for investors as consolidated accounts are significant for financial decision-making.