NFRA's efforts are to incorporate best global accounting, auditing standards, says chairman

NFRA Chairperson Ajay Bhushan Prasad Pandey emphasized the need for India to adopt global accounting and auditing standards to nurture big homegrown firms. Highlighting recent corporate failures amounting to Rs 2 lakh crore, he stressed high-quality reporting frameworks. Notably, Pandey pointed out issues with the principal auditor's responsibilities in group audits.