NFRA

NFRA-2 Form- FAQs

CA, CS, CMA - Frequently Asked Questions (FAQs) Pertaining To NFRA-2 Form Q 1. Form NFRA 2 is only available in PDF version as part of the Gazette notification. Since the e-form is not available, we are not able to collate the required information. Considering the timeline for submission of NFRA 2 is November 30, 2019, please advise when […]...

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Note on Form NFRA -2 – Auditor’s Return

CA, CS, CMA - Note On Form NFRA -2 – Auditor’s Return (Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights of Form NFRA -2 – Auditor’s Return 1. NFRA-2 e-Form live since 9th December 2019. 2. Due date of Filing form NFRA -2 : within 210 days from the deployment of this […]...

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How Auditors check compliance of IndAS 19 & AS 15 Revised 2005

CA, CS, CMA - As per provisions of Section 129 of the Companies Act 2013, each company has to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view ...

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Applicability of Filing Form NFRA-1

CA, CS, CMA - Applicability of filing Form NFRA-1 1. Entities Governed by NFRA (Rule 3(1) of NFRA Rule, 2018 a) Companies whose securities are listed on any stock exchange in India or outside India; b) Unlisted public companies fulfilling any of the following criteria as on the 31st March of immediately preceding Financial Year: having paid-up capital ...

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Analysis of NFRA (Amendments), Rules 2019

CA, CS, CMA - MCA), Government of India wide notification dated 05th September, 2019 has amended the National Financial Reporting Authority Rules, 2018, (NFRA Rules). These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019 {NFRA (Amendments) Rules, 2019}....

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Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

CA, CS, CMA - The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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NFRA founds Issues in statutory audit of IL&FS done by Deloitte

CA, CS, CMA - NFRA has issued Audit Quality Review report of the statutory audit for year 2017-18 of IL&FS Financial Services Limited. The statutory auditor for this engagement was Deloitte Haskins and Sells LLP....

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Pre-requisites for submission of NFRA-1 form

CA, CS, CMA - During the process of submitting NFRA-1 form, user needs to have following details/documents before proceeding with form filling. In case of Indian Body Corporate: 1. PAN of Indian authorized individual 2. PAN of body corporate 3. DIN of Director/Membership No. of CS/PAN of Manager or CEO or CFO 4. Income tax PAN of auditor/audit firm [&h...

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Last date of filling up Form NFRA-1 will be 31.07.2019- NFRA

CA, CS, CMA - It is intimated that NFRA-1 Form for intimation of appointment of Auditors to NFRA has been deployed on the website of NFRA (nfra.gov.in) and accordingly the last date of filing the same by the Entities concerned will be 31.07.2019. National Financial Reporting Authority 8th Floor Hindustan Times Building, K.G. Marg New Delhi Ph-011-23355...

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Engagement as Consultant in MCA and NFRA

CA, CS, CMA - Seeking applications from CAs based in Delhi/NCR for engagement as Consultant in MCA and NFRA Ministry of Corporate affairs (MCA) and National Financial Reporting Authority (NFRA) invites applications from Chartered Accountants (CAs) based in Delhi/NCR having 2 to 5 years plus of post- qualification experience. The selected candidates wil...

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NFRA imposes Rs 15 lakh fine, 5-year ban on a Deloitte partner in IL&FS Case

NFRA Order No. NF-20012/1/2020 - (28/07/2020) - Order Under Section 132(4) of the Companies Act in respect of the Show Cause Notice issued to CA Shrenik Baid (Membership No 103884) Extract from the order D. PENALTY 199. As discussed in detail in the above paras, the charges framed against CA Shrenik Baid in the SCN have been held to have been pro...

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NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 - (23/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or unde...

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NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA - (22/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertak...

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Extension of last date of filing of Form NFRA-2 to 270 days

General Circular No. 26/2020 - (06/07/2020) - It has been decided that the time limit for filing of Form NFRA­-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Last date of filing of Form NFRA-2 extended to 210 days from deployment date

General Circular No. 19/2020 - (30/04/2020) - It has been decided that the time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 210 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Recent Posts in "NFRA"

Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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Posted Under: CA, CS, CMA |

NFRA imposes Rs 15 lakh fine, 5-year ban on a Deloitte partner in IL&FS Case

NFRA Order No. NF-20012/1/2020 (28/07/2020)

Order Under Section 132(4) of the Companies Act in respect of the Show Cause Notice issued to CA Shrenik Baid (Membership No 103884) Extract from the order D. PENALTY 199. As discussed in detail in the above paras, the charges framed against CA Shrenik Baid in the SCN have been held to have been proved. […]...

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NFRA-2 Form- FAQs

Frequently Asked Questions (FAQs) Pertaining To NFRA-2 Form Q 1. Form NFRA 2 is only available in PDF version as part of the Gazette notification. Since the e-form is not available, we are not able to collate the required information. Considering the timeline for submission of NFRA 2 is November 30, 2019, please advise when […]...

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Posted Under: CA, CS, CMA |

NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 (23/07/2020)

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or undertaking any […]...

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NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA (22/07/2020)

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertaking […]...

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Extension of last date of filing of Form NFRA-2 to 270 days

General Circular No. 26/2020 (06/07/2020)

It has been decided that the time limit for filing of Form NFRA­-2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Note on Form NFRA -2 – Auditor’s Return

Note On Form NFRA -2 – Auditor’s Return (Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights of Form NFRA -2 – Auditor’s Return 1. NFRA-2 e-Form live since 9th December 2019. 2. Due date of Filing form NFRA -2 : within 210 days from the deployment of this […]...

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Posted Under: CA, CS, CMA |

How Auditors check compliance of IndAS 19 & AS 15 Revised 2005

As per provisions of Section 129 of the Companies Act 2013, each company has to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view ...

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Posted Under: CA, CS, CMA |

Last date of filing of Form NFRA-2 extended to 210 days from deployment date

General Circular No. 19/2020 (30/04/2020)

It has been decided that the time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 210 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Draft Procedure for Submission of Audit Files to NFRA

Notification No. NF-20011/3/2020 (28/04/2020)

NFRA proposes to prescribe the procedures to be followed by all entities regulated by NFRA for submission of Audit Files to NFRA. NFRA invites comments from regulated entities on the procedure described in this draft document in Annexure A....

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MCA Extend last date of filing of Form NFRA-2 for FY 2018-19

General Circular No. 07/2020 (05/03/2020)

General Circular No. 07/2020 F. No.713912019-CL-I Government of India Ministry of CorPorate Affairs 5*’ Floor, ‘A’Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi Dated: 05.03.2020 To A1l RDs, All RoC, The Stakeholders. Subject: Extension of the last date of filing of Form NFRA-2 reg. Sir, In continuation of the Ministry&...

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Applicability of Filing Form NFRA-1

Applicability of filing Form NFRA-1 1. Entities Governed by NFRA (Rule 3(1) of NFRA Rule, 2018 a) Companies whose securities are listed on any stock exchange in India or outside India; b) Unlisted public companies fulfilling any of the following criteria as on the 31st March of immediately preceding Financial Year: having paid-up capital ...

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Posted Under: CA, CS, CMA |

NFRA founds Issues in statutory audit of IL&FS done by Deloitte

NFRA has issued Audit Quality Review report of the statutory audit for year 2017-18 of IL&FS Financial Services Limited. The statutory auditor for this engagement was Deloitte Haskins and Sells LLP....

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Posted Under: CA, CS, CMA |

Extension of last date of filing of Form NFRA-2-req

General Circular No. 14/2019 (27/11/2019)

Time limit for filing Form NFRA-2 will be 90 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA)....

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Analysis of NFRA (Amendments), Rules 2019

MCA), Government of India wide notification dated 05th September, 2019 has amended the National Financial Reporting Authority Rules, 2018, (NFRA Rules). These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019 {NFRA (Amendments) Rules, 2019}....

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Posted Under: CA, CS, CMA |

National Financial Reporting Authority (Amendment) Rules, 2019

Notification No. G.S.R. 636(E). (05/09/2019)

(1) These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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National Financial Reporting Authority Rules

National Financial Reporting Authority Rules National Financial Reporting Authority is a body proposed in Companies Act, 2013 for the establishment and enforcement of accounting and auditing standards and oversight the work of auditors. Which Body Corporates will be covered by NFRA ? The Authority shall have power to monitor and enforce c...

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Posted Under: CA, CS, CMA |

What is National Financial Reporting Authority (NFRA)?

Article contains Quick Referencer to National Financial Reporting Authority (NFRA), Things to be remembered about NFRA, Note on Jurisdiction of NFRA, Who is liable to file return in NFRA-1, Who is not liable to File NFRA -1 Return, How to file NFRA Form, Recommendation, Monitoring, Investigation And Enforcement Of Accounting And Auditing ...

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Posted Under: CA, CS, CMA |

FAQs on filing of NFRA-1 form

Article explains who need to file NFRA-1 Form, Do small private and public companies also have to file the NFRA-1 Form, Where to find NFRA-1 form, How to download NFRA-1 form, Applicability of NFRA For to Listed and unlisted companies, Does a company which has applied for strike-off is required to file NFRA-1 form, Who’ll […]...

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Posted Under: CA, CS, CMA |

Applicability and other Provisions of NFRA Rules, 2018

Analysis of Applicability and Other Provisions of National Financial Reporting Authority (Nfra), Rules, 2018 Attention: Form NFRA – 1 is Available for filing purpose and last date of filing is 31st July 2019. Form is uploaded on NFRA website. Link of NFRA Website: https://nfra.gov.in/ Notification on Date of Filing of NFRA-1  Last ...

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Posted Under: CA, CS, CMA |

Form NFRA-1- Who need to file, Due date, Documents to file

NFRA has made it mandatory for certain ‘body corporates’ to file with it the details of their auditor appointments by July 31 in Form NFRA-1. However, none of the companies registered under the Companies Act, 2013, will be covered by this norm, they added....

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Posted Under: CA, CS, CMA |

Which company or body corporate to file NFRA 1 Form

The most important clarification whether NFRA Form -1  is  required to be filed by any company or not by 31st July 2019 July 1 is Chartered Accountants’ Day marking the date on which the Chartered Accountants Act came into effect in 1949. On the same day after 70 years, NFRA is constituted with the main […]...

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Posted Under: CA, CS, CMA |

All about filing of NFRA Form 1 with FAQs

Filing of One time Form NFRA-1: Every Company or Body Corporate falling under the applicability rules shall file e-Form NFRA-1 concerning the particulars of the auditor within 30 days of deployment of Form NFRA-1 i.e. by 31st July, 2019....

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Posted Under: CA, CS, CMA |

Pre-requisites for submission of NFRA-1 form

During the process of submitting NFRA-1 form, user needs to have following details/documents before proceeding with form filling. In case of Indian Body Corporate: 1. PAN of Indian authorized individual 2. PAN of body corporate 3. DIN of Director/Membership No. of CS/PAN of Manager or CEO or CFO 4. Income tax PAN of auditor/audit firm [&h...

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Posted Under: CA, CS, CMA |

National Financial Authority Reporting Rules, 2018- Form NFRA-1

NATIONAL FINANCIAL AUTHORITY REPORTING RULES, 2018 (NFRA RULES): FILING OF FORM NFRA-1 GOVERNING PROVISIONS: Section 132 of the Companies Act, 2013 (“the Act”) and Rules made there under. FUNCTIONS OF NATIONAL FINANCIAL AUTHORITY (NFRA) (SECTION 132(2)): 1. make recommendations to the Central Government on the formulation and laying d...

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Posted Under: CA, CS, CMA |

Format of Authority Letter for Filing NFRA Form 1

Format of Authority Letter for Filing NFRA Form 1 To, Chairperson National Financial Reporting Authority 8th floor, Hindustan Times House Kasturba Gandhi Marg New Delhi- 110001 I, <<Name>>, <<Designation>> hereby authorize following official to sign, fill and submit NFRA-1 on behalf of the organization. Name: Desig...

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Posted Under: CA, CS, CMA |

Who has to file form NFRA-1 ?

Rule 3(1) : Classes of companies and bodies corporate governed by the Authority (NFRA): (a) companies whose securities are listed on any stock exchange in India or outside India; (b) unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thou...

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Posted Under: CA, CS, CMA |

NFRA, “A Nascent”: Understanding of Applicability

 Sub-Rule (2) of Rule 3 prescribe that every existing body corporate other than a company governed by these rules, shall inform the Authority within thirty days of the commencement of these rules (subsequently extended till 30 days from the date of deployment), in Form NFRA-1, the particulars of the auditor as on the date of commencement...

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Posted Under: CA, CS, CMA |

Applicability of Form NFRA-1 and NFRA Rules- Clearing Ambiguity

The NFRA rules, 2018 have been made applicable since 13.11.2018 by the MCA with intent to tap financial scams that the nation witnessed and to have a control over the workings of the Auditors. NFRA is an independent authority to control over the auditors and has been given a wide range of powers to monitor […]...

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Posted Under: CA, CS, CMA |

How to register on NFRA website to submit NFRA-1 form

NFRA-1 Form landing page Step 1: Enter the URL (eformnfra.nic.in). You will land on below screen (Screenshot-1), consisting of following options and information for the user Home- This option will facilitate the user to return to Screenshot-1 New user registration/signup – In order to proceed with the form submission, user needs to r...

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Posted Under: CA, CS, CMA |

NFRA Form-1 – Documents and Attachments to be filed

The National Financial Reporting Authority Form-1 (NFRA Form-1) – Documents and Attachments The following details/documents are required before proceeding with Form NFRA-1 filling on NFRA Website www.nfra.gov.in . In case of Indian Body Corporate following  details are required: 1. PAN of Indian authorized individual 2. PAN of body cor...

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Posted Under: CA, CS, CMA |

NFRA FORM 1 (details of auditor)- Last Date 31st July, 2019

Time limit for filing NFRA-1 will be 30 days from deployment of Form on the Website of NFRA. Form NFRA-1 is available on https://nfra.gov.in/ and the last date of filing the same by Entities concerned is 31st July, 2019....

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Last date of filling up Form NFRA-1 will be 31.07.2019- NFRA

No. NF-11/1/2019-0/o Secy-NFRA (01/07/2019)

It is intimated that NFRA-1 Form for intimation of appointment of Auditors to NFRA has been deployed on the website of NFRA (nfra.gov.in) and accordingly the last date of filing the same by the Entities concerned will be 31.07.2019. National Financial Reporting Authority 8th Floor Hindustan Times Building, K.G. Marg New Delhi Ph-011-23355...

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NFRA-1 and it’s applicability to Companies

Form NFRA-1 is notified by MCA vide Notification dated 13th November 2018 for the purpose of Notice to the Authority by a body corporate regarding its auditor. Provision: Pursuant to section 132 of the Companies Act, 2013 and Rule 3(2) and 3(3) of the National Financial Reporting Authority Rules, 2018. Classes of companies and bodies [&he...

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Posted Under: CA, CS, CMA |

Vacancy with NFRA for CA/CS/CMA

F.No. A-12034/1/2018-Ad.I (24/04/2019)

National Financial Reporting Authority (NFRA) intends to engage upto 10 Chartered Accountants/Cost and Management Accountants/Company Secretaries on contractual basis....

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Form NFRA-1 And its Applicability

MCA vide Notification dated dated November 13, 2018 notified the National Financial Reporting Authority Rules, 2018 (NFRA Rules, 2018) notified by the Ministry vide Notification dated November 13, 2018, effective from November 13, 2018 to establish an independent regulator to strengthen the audit profession and to provide for matters rela...

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Posted Under: CA, CS, CMA |

Govt notifies part-time members of NFRA wef 28th February, 2019

Notification No. S.O. 1068(E) (28/02/2019)

Central Government hereby appoint the following persons as part-time members of National Financial Reporting Authority (NFRA) with immediate effect,...

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Now Auditing Regulator – NFRA Modi Sarkar’s vow to clean up Financial Sector in TOTO

Modi Government has again taken a big step by approving to create an Auditing Regulator called National Financial Reporting Authority (NFRA) who will oversee the auditing function and profession, control and regulate in addition to the Institute of Chartered Accountants of India on 1st March, 2018. It is big move forward in regulating the...

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Posted Under: CA, CS, CMA |

Form NFRA-1 – Extension of the last date of filing

General Circular No. 12/2018 (13/12/2018)

Time limit for filing Form NFRA-1 will be 30 days from the date of deployment of this form on the website of Ministry/National Financial Reporting Authority (NFRA) for all bodies corporate governed by the said rule (excluding companies as defined under sub-section (20) of section 2 of the Companies Act, 2013, which are not required to fil...

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Understanding The Applicability of NFRA Rules

Summary: National Financial Reporting Authority Rules, 2018 (NFRA Rules) notified by the MCA vide its Notification dated 13th November 2018, w.e.f 13th November 2018. The NFRA rules deal with the jurisdiction (scope), function, duties and powers of the NFRA. In this Article, we have covered applicability of the Rules and confusions among...

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Posted Under: CA, CS, CMA |

Brief About National Financial Reporting Authority

Five years after the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority (NFRA), Government has taken steps to implement NFRA. Ministry of Corporate Affairs MCA vide its notification dated 13th November 2018 notified National Financial Reporting Authority (NFRA) Rules 2018. T...

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Posted Under: CA, CS, CMA |

Govt appoints NFRA Chairperson

S.O. 5848(E) (28/11/2018)

Central Government  appointed Shri Rangachari Sridharan as the Chairperson, the National Financial Reporting Authority (NFRA), with effect from the 1st October, 2018 (afternoon) for a period of three years or till the incumbent attains the age of sixty-five years, whichever is earlier. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delh...

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National Financial Reporting Authority: Need, Applicability & Role

What is NFRA?   National Financial Reporting Authority (NFRA) is a single independent authority proposed in Companies Act, 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors. Why the Need for NFRA? Restructuring or introducing new regulating authorities across the gl...

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Posted Under: CA, CS, CMA |

NFRA Rules, 2018 – A Critical Analysis

It has been Five years since the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority (NFRA), and now Government has finally taken steps to implement NFRA. The Ministry of Corporate Affairs (MCA) vide its notification dated November 13, 2018, has notified National Financial Reporting Authority (NFRA)...

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Posted Under: CA, CS, CMA |

Analysis of NFRA Rules, 2018

As per the Companies Act, 2013 the NFRA is tasked with the job of recommending accounting and auditing standards, ensuring compliance with them and overseeing the quality of service of the accounting and audit professions....

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Posted Under: CA, CS, CMA |

NFRA Rules 2018 notified

Five years after the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority (NFRA), Government has taken steps to implement NFRA....

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Posted Under: CA, CS, CMA |

Engagement as Consultant in MCA and NFRA

Seeking applications from CAs based in Delhi/NCR for engagement as Consultant in MCA and NFRA Ministry of Corporate affairs (MCA) and National Financial Reporting Authority (NFRA) invites applications from Chartered Accountants (CAs) based in Delhi/NCR having 2 to 5 years plus of post- qualification experience. The selected candidates wil...

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Posted Under: CA, CS, CMA |

What is NFRA ? & its Functions & Powers.

Recently the MCA has published National Financial Reporting Authority Rules, 2018 (NFRA Rules) to keep check on compliance of accounting standards and policies by the companies & also to penalize the defaulters. For Published Rules click =>   National Financial Reporting Authority Rules, 2018 (NFRA Rules) Now, the question is wha...

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Posted Under: CA, CS, CMA |

Classes of companies and bodies corporate governed by NFRA and respective reporting requirements

Classes of companies and bodies corporate governed by the NFRA: (Rule 3) (a) companies whose securities are listed on any stock exchange in India or outside India; (b) unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having...

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Posted Under: CA, CS, CMA |

NFRA- Applicability, Power, Responsibilities and Filings

Ministry has came up with Rules with respect to National Financial Reporting Authority (NFRA). The rules will come into force on the date of Notification in Official Gazette. Reading this article, you will come to know Applicability of these Rules and How Disciplinary Powers have been segregated between NFRA and ICAI now....

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Posted Under: CA, CS, CMA |

National Financial Reporting Authority (NFRA) Rules, 2018

G.S.R. 1111(E) (13/11/2018)

MCA has notified the National Financial Reporting Authority (NFRA) Rules, 2018, which inter-alia includes provisions relating to Classes of companies to be governed by NFRA along with its Functions and duties, ICAI to Recommend and NFRA to monitor and enforce compliance of accounting/ auditing standards. Besides, NFRA has been empowered t...

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Committee of Experts on regulating audit firms & net- works report: A discussion

Committee of Experts on regulating audit firms and net- works set up by Ministry of Corporate Affairs in response to the issues raised by the Honorable Supreme Court in the judgement of S.Sukumar Vs. Institute of Chartered Accountants of India(February 23, 2018) submitted its report on October 25, 2018. It deals with steps to be taken to ...

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Posted Under: CA, CS, CMA |

NFRA – Adopting Global Best Practices

NFRA (National Financial Reporting Authority) has been notified in terms of Section 132 of the Companies Act, 2013. By reading this concise article, you will get to know about the Global Overseeing System (in America, UK and China) and the powers given in India to NFRA....

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Posted Under: CA, CS, CMA |

Committee of Experts report on Regulating audit firms & Networks

Committee of Experts submits its report on Regulating audit firms and the Networks The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the...

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Posted Under: CA, CS, CMA |

POWERS OF NFRA: 5 Key Points

Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government....

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Posted Under: CA, CS, CMA |

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