New Delhi, Dec. 30 -- NEW DELHI: Accounting rule-maker Institute of Chartered Accountants of India (ICAI) has approved a revised framework for audit of business groups, seeking to strengthen oversight of lead auditors without abandoning their reliance on auditors of group subsidiaries. The National Financial Reporting Authority (NFRA), however, has already cleared a stricter alternative that makes the group auditor solely responsible for audit quality, pushing the final call to the government.

The revised framework, cleared by ICAI's Council on 10 December, introduces additional safeguards and accountability provisions for lead auditors of business groups and auditors of subsidiaries, ICAI told Mint. However, the changes are unlikely to ...