Section 14 - Insertion of new section 34A - The Limited Liability Partnership (Amendment) Act, 2021

Insertion of new section 34A 14 . After section 34 of the principal Act, the following section shall be inserted, namely:- Accounting and auditing standards 34A. 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. .