The regulatory updates publication issued by the Foundation for Audit Quality (FAQ) highlights the latest developments in auditing, accounting and regulatory space in India and internationally. This month’s edition covers important updates on auditing, accounting and regulatory matters, other discussion/consultation papers and publications from regulators for the period from 1 October 2024 to 31 October 2024.

Regulatory updates for October 2024

Some of the key topics covered in this edition include:

MCA allows insurance companies to continue to apply Ind AS 104 for preparing Ind AS financial statements for the purpose of consolidation till IRDAI notifies Ind AS 117.
NFRA issues a circular highlighting responsibility of the principal auditors in a group audit
ICAI issues quality management standards (SQM 1 and SQM 2) for audit firms.

Regulatory updates for October 2024 PDF

India updates

India Updates

Auditing updates

Updates from ICAI

ICAI notifies new quality management standards

Updates from NFRA

Responsibility of Principal Auditor and Other Auditors in Group Audits

Accounting updates

Updates from MCA

Relief for Insurers on applicability of Ind AS 117

Regulatory updates

Updates from MCA

Amendment to Companies (Adjudication of Penalties) Amendment Rules, 2014

Updates from SEBI

Updates from RBI

Updates from Updates from the Ministry of Environment, Forest and Climate Change

Updates from Department of Consumer Affair

Guidelines for prevention of greenwashing

Discussion/Consultation papers and Publications

Publications

EDs/Consultation papers

Updates from IRDAI

Exposure draft - IRDAI (Insurance Fraud Monitoring Framework) Guidelines, 2024 (the Exposure Draft)

Updates from RBI

Draft circular on forms and Prudential Regulations for Investments

Update from SEBI

Update from MoEFCC

Proposal for Liquid Waste Management Rules, 2024

Publications – International

Updates from IFRS

Compilation of Agenda Decisions- Volume 11

Updates from IASB

Updates from IAASB

IAASB’s Technology statement

Download PDF for the month of October 2024

October 2024 PDF

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