NFRA has no jurisdiction on the Audit of MSMC: ICAI President

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Studycafe | Oct 6, 2021 | Views 98827

NFRA has no jurisdiction on the Audit of MSMC: ICAI President

NFRA has no jurisdiction on the Audit of MSMC: ICAI President

Recently President of the Institute of Chartered Accountants of India [ICAI] has expressed that National Financial Reporting Authority [NFRA] has no jurisdiction on the Audit of MSMC.

He further said that there is no need to reply to NFRA individually on its decision for Abolishing the Audit of Micro, Small and Medium Companies [MSMC].

He added that for Suggestions, members should directly write to [email protected]

He has reiterated that the MCA has no plans of removing audit of Small Companies.

This has come in response to NFRA Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small, and Medium Companies (MSMCs) which suggests that Audit for MSMCs should be abolished.

You May Also Refer: NFRA to revisit the requirement of compulsory statutory audit for MSME

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