NFRA

Compliance For Statutory Auditor- NFRA-2

Company Law - This new Form NFRA-2 has to be filed by the Statutory Auditor of the Company in pursuance of section 132 of Companies Act, 2013 and Rule 5 of NFRA Rules, 2018....

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NFRA-2 Form- FAQs

Company Law - 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

Company Law - 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

Company Law - 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

Company Law - 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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Appointment of DHS as statutory auditor of IFIN for year 2017-18 was illegal: NFRA

Company Law - The appointment of DHS as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since DHS 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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Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

Company Law - 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

Company Law - 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

Company Law - 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

Company Law - 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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Provisional List of Companies within the ambit of NFRA

Circular No. NF-25011/5/2021 - (04/05/2021) - This comprehensive exercise of compliation of data base of companies covered by NFRA Rules/their auditors from CDM and its reconciliation with other important data bases is being performed for the first time....

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Notice for Inviting applications for Engagement of retired PPS/PS/PA from Central Government as Consultants in NFRA

Notification No. NF-12042/3/2021-ESTT-NFRA - (18/03/2021) - Notice For Inviting Applications For Engagement Of Retired Principal Private Secretary (PPS) / Private Secretary (PS) / Personal Assistant (PA) From Central Government As Consultants ...

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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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Recent Posts in "NFRA"

Provisional List of Companies within the ambit of NFRA

Circular No. NF-25011/5/2021 04/05/2021

This comprehensive exercise of compliation of data base of companies covered by NFRA Rules/their auditors from CDM and its reconciliation with other important data bases is being performed for the first time....

Read More

Compliance For Statutory Auditor- NFRA-2

This new Form NFRA-2 has to be filed by the Statutory Auditor of the Company in pursuance of section 132 of Companies Act, 2013 and Rule 5 of NFRA Rules, 2018....

Read More
Posted Under: Corporate Law |

Notice for Inviting applications for Engagement of retired PPS/PS/PA from Central Government as Consultants in NFRA

Notification No. NF-12042/3/2021-ESTT-NFRA 18/03/2021

Notice For Inviting Applications For Engagement Of Retired Principal Private Secretary (PPS) / Private Secretary (PS) / Personal Assistant (PA) From Central Government As Consultants ...

Read More

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

The appointment of DHS as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since DHS 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...

Read More
Posted Under: Corporate Law |

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...

Read More
Posted Under: Corporate Law |

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: Corporate Law |

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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