Showing signs of differences with the Corporate Affairs Ministry, accounting watchdog ICAI said the proposal to set up the National Financial Reporting Authority could create " two parallel regulators". The new Companies Bill, which is awaiting Rajya Sabha approval, has proposed setting up of NFRA for monitoring as well as ensure compliance of accounting and auditing norms. At present, Institute of Chartered Accountants of India ( ICAI) is the regulator for accounting and auditing issues.

" What is the need for bringing another regulator to get it enforced. Probably, there will be two regulators ICAI and NFRA... Our concern is that two parallel bodies would be looking at the auditing standards," ICAI President Subodh Kumar Agrawal said here. — PTI

Source:The Free press epaper