Accounting and auditing standards.

¹[The Central Government may, in consultation with the National Financial Reporting Authority constituted under section 132 of the Companies Act, 2013 (18 of 2013),—

(a)prescribe the standards of accounting; and

(b)prescribe the standards of auditing, as recommended by the Institute of Chartered Accountants of India constituted under section 3 of the Chartered Accountants Act, 1949 (38 of 1949), for a class or classes of limited liability partnerships.]