- Knowledge & News Network (KNN)
MSMEs support exemption from statutory audit
New Delhi, Oct 13 (KNN) Earlier this week, the Institute of Chartered Accountants of India (ICAI) in disagreement with the National Financial Regulatory Authority pointed (NFRA) out that the regulatory body has no jurisdiction over MSMEs, in response to the latter asking the prior to simplify Accounting Standards for MSMEs.
Nihar N Jambusaria, President, ICAI stated in several media reports that, “It is not within the purview to propose whether an audit of a particular class of companies is required or not. However, we may look at merits in having audits of these companies.