After months of discussion, the National Financial Reporting Authority (NFRA) on Monday decided to move towards the International Standard of Audit 600 (ISA 600) for all listed companies, barring public sector companies and state-run banks and their branches. Separately, the Institute of Chartered Accountants of India (ICAI) also agreed to revise the Standard on Quality Management (SQM), a mechanism for quality management for audits or reviews of financial statements, where public consultations have been completed.