MCA starts comprehensive review of auditing standards regulations

MCA secretary Manoj Govil urged the corporate sector, including the CEOs and CFOs to improve upon the level of public trust within the business ecosystem as preparers of financial statements

The Ministry of Corporate Affairs (MCA) has started a comprehensive review of its regulations, including audit and accounting, through an extensive public consultation process, MCA secretary Manoj Govil said on Tuesday.

Speaking at a conference organised by the National Financial Reporting Authority (NFRA), Govil said MCA is also engaging with the Institute of Chartered Accountants of India (ICAI) to achieve the vision of having India’s own homegrown big audit firms. 

He urged the corporate sector, including chief executive officers (CEOs) and chief financial officers (CFOs), to improve upon the level of public trust within the business ecosystem as preparers of