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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.]
Source: official text of The Limited Liability Partnership Act, 2008 as published on India Code (PDF). All sections of the Limited Liability Partnership Act, 2008.