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KPMG India settled a proceeding before the US Public Company Accounting Oversight Board (PCAOB) on 6 December 2022; but there is barely any coverage by the Indian media. PCAOB, which audits public companies,
The National Financial Reporting Authority had issued a circular to all companies and their audit committees to follow Indian Accounting Standards (Ind AS) and advised them not to discontinue recognition of the principal or interest merely because of the borrowings being declared a non-performing asset (NPA) or the management s expectation of a likely settlement with or without concessions from the banks.