The Institute of Chartered Accountants of India (ICAI) lacks the authority to establish standards on quality management for accountancy firms or to modify existing audit norms, according to an opinion by India’s Solicitor General Tushar Mehta, requested by the National Financial Reporting Authority (NFRA). The issue emerged when ICAI introduced new standards and revisions to audit practices, which NFRA deemed unauthorized, emphasizing the need to align domestic auditing standards with international ones.