New Delhi, April 4 -- The Corporate Affairs ministry is expected to soon notify a revised audit regime aimed at aligning India's auditing framework with global benchmarks. The move is also likely to resolve long-standing differences between the country's two key audit regulators.

Officials on Wednesday said the ministry recently held discussions with senior representatives of the National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) to finalise the standards before notification, ET reported.

As per the Companies Act, the government holds the final authority to notify auditing standards after considering recommendations from ICAI and examination by NFRA.

Around 40 auditing standards had...