Concerns about new audit norms misplaced: NFRA's Ajay Bhushan Pandey Worries about audit getting concentrated in the hands of a few big firms owing to revision in auditing standards with respect to group companies are not justified, National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey told Business Standard.

“Misplaced anticipation about some unknown problem cannot stop us from aligning to global standards and work towards greater transparency and investor protection,” Pandey added.

He said even if there were remote examples of such cases those could be remedied by the government by putting a cap on the number of audits a group auditor could do for subsidiaries. Source - business-standard.com