New ICAI President Nanda Calls For Stronger Ties With NFRA, Emphasises Mutual Respect

Newly elected ICAI President Charanjot Singh Nanda has emphasised the need for a constructive relationship with the National Financial Reporting Authority (NFRA) while asserting that ICAI’s role must be recognised.

Addressing concerns over regulatory differences, including Standard on Auditing (SA) 600, Nanda emphasised the expertise of over four lakh chartered accountants in India, who understand local business customs and conventions. He also announced the formation of a Work-Life Balance Committee to address long working hours and stress in the profession. On disciplinary matters, he stated that ICAI’s authority over audit firms depends on the Ministry of Corporate Affairs’ notification of relevant provisions under the Chartered Accountants Act.

Nanda reiterated that ICAI remains committed to strengthening auditing standards while ensuring they align with practical industry challenges. He also highlighted the need for a balanced regulatory approach that considers both global best practices and India-specific requirements.