Section 34A:
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.]
Notes:
1. Ins. by s. 14, ibid., (w.e.f. 1-4-2022).