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The National Financial Reporting Authority's (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms.
The period for receiving public feedback ends this month and the NFRA's 12-member board is expected to meet soon after that, said one of the people cited above on the condition of anonymity.
It will consider the proposal for making the auditor of the holding company of business groups responsible for their consolidated financial statements even if subsidiary accounts are signed off by other auditors.
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