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NFRA

Consultation Paper Dated 29th September 2021 of NFRA Is Opportunity To Tell The World Advantages of Audit To Even Smallest Enterprise

Company Law - The importance of Audit of an organization is perhaps as same as what is oxygen for human being. It is a 360 degree review of all the organization working and to speculate whether the organization can expand or if there is some cost cutting to do....

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Mystery of Zero Audit Fees of 1.81 lacs Companies As per NFRA Report

Company Law - Mystery of Zero Audit Fees of 1.81 lacs Companies As per NFRA Report The answer is Big No? In No way It is possible to get Audit done work done without paying any single rupee for Audit!! Does any logic certify that? So How NFRA computed that –  Wherefrom they have taken this data? NFRA […]...

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Reply to NFRA On Consultation Paper on Statutory Audit For MSMC

Company Law - Reply To NFRA On Consultation Paper On Statutory Audit And Auditing Standard For Msmc You have recently issued a consultation paper on statutory Audit and Auditing standard for MSM Companies. You have framed 4 questions for the comments of stakeholders including Chartered Accountants: You had issued the consultation paper for relaxation o...

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Why Removal of Audit of MSMCs will be disastrous

Company Law - 1) Most important point is the existence of Very nature of Limited liability concept, which exposed the creditor with unlimited risk who are highly remain unsecured, that includes Govt also. So, it gives the unlevered power to Promoters to expose the business to high risk and leave the liability of the company unsettled and yet […]...

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Open Letter to NFRA Chairman opposing Consultation Paper for Abolishing Statutory Audit

Company Law - what NFRA wants to convey is that since fee charged by auditors is less than Cost so Audit should be abolished. What kind of baseless conclusion is that?? Also, another criteria for this conclusion is the % Indebtedness. So, if a company is Debt free so that Company can’t commit financial fraud. Is that so??...

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ICAI expresses concerns on returning of Approach Paper for revision of existing AS by NFRA

Company Law - ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, commen...

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Suggestions on Statutory Audit & Auditing Standards For MSMCS

Company Law - t may be noted that audit is required for the purpose of giving true and fair view of the financials of a Company by an auditor who is an external party and independent of the transactions being done in the company, giving an unbiased opinion on the affairs of the Company. Such true and fair position of the financials is reported before v...

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Comments & Response on NFRA Consultation Paper on Statutory Audit & Auditing Standards for MSMCs

Company Law - NFRA Chairman can be Part Time in terms of Companies Act (CA with a Minimum Audit Experience of more than 25 years) It is important to ensure that only CAs with Audit experience of more than 10 years should be considered for nomination for any part-time or full-time members role in NFRA, except Ex-Officio Members....

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Joint Representation on NFRA Consultation Paper on Statutory Audit

Company Law - 9th November, 2021 To, Shri Ashok Kumar Gupta Chairperson National Financial Regulatory Authority [email protected] Subject: – Joint Representation on Consultation Paper – September, 2021 on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) 1. Bombay Chartered Accountants’ Society 2. Karn...

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Advisory to file Form NFRA-2 Annual Return immediately

Company Law -  Advise to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already...

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Govt delegates powers under Section 132(11) of Companies Act to NFRA for appointment of certain posts

Notification No. S.O. 35(E). - (04/01/2022) - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th January, 2022 S.O. 35(E).—In exercise of the powers conferred by sub-section (1) of section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates its powers under sub-section (11) of section 132 of the sai...

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NFRA to engage Chartered Accountants on contractual basis

Circular No. A-12011/8/2019-ESTT-NFRA - (17/11/2021) - Circular seeking applications from Chartered Accountants for engagements as Professionals in NFRA on contractual basis Government of India National Financial Reporting Authority ***** 7th Floor, Hindustan Times House, Kasturba Gandhi Marg, New Delhi Dated 17th November, 2021 A-12011/8/2019-ESTT-NFRA...

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Ashok Kumar Gupta assigned charge of Chairperson NFRA

Notification No. NFRA -051 412021 Comp-MCA - (30/09/2021) - Government assign the charge of post of Chairperson, NFRA to Shri Ashok Kumar Gupta, Chairperson, Competition CCl w.e.f. 01.10.2021 (F/N) for a period of three months or till appointment of a regular incumbent or till further orders, whichever is earlier. No. NFRA -051 412021 Comp-MCA Government of ...

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Govt forms committee for recommending names for appointment of chairperson & full time members in NFRA

Notification No. S.O. 4075 (E). - (29/09/2021) - Central Government hereby constitutes a search-cum-selection committee consisting of the following members for recommending names for appointment of chairperson and full time members in the National Financial Reporting Authority (NFRA),...

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ICAI Recommendations on Accounting Standards to NFRA

File No. NF-25012/2/2021-O/o Secy-NFRA - (28/09/2021) - ICAI has sent its Approach Paper for revision of existing ASs and the proposed texts of 18 revised ASs out of a total of 32 revised ASs expected to be prescribed upon completion of this AS revision project....

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Recent Posts in "NFRA"

 Introduction of National Financial Reporting Authority (NFRA)

NFRA is an independent regulator to oversee the auditing profession and accounting standards in India under the Companies Act, 2013. Section 132 of Companies Act, 2013 which deals with provisions relating to NFRA. It came into existence in October 2018 and having its offices at New Delhi. The present chairperson of it is Mr. Ashok [&helli...

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Posted Under: Company Law

ICAI expresses concerns on returning of Approach Paper for revision of existing AS by NFRA

ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, commen...

Read More
Posted Under: Company Law | ,

Govt delegates powers under Section 132(11) of Companies Act to NFRA for appointment of certain posts

Notification No. S.O. 35(E). 04/01/2022

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th January, 2022 S.O. 35(E).—In exercise of the powers conferred by sub-section (1) of section 458 of the Companies Act, 2013 (18 of 2013), the Central Government hereby delegates its powers under sub-section (11) of section 132 of the said Act to the National Financial Reportin...

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NFRA to engage Chartered Accountants on contractual basis

Circular No. A-12011/8/2019-ESTT-NFRA 17/11/2021

Circular seeking applications from Chartered Accountants for engagements as Professionals in NFRA on contractual basis Government of India National Financial Reporting Authority ***** 7th Floor, Hindustan Times House, Kasturba Gandhi Marg, New Delhi Dated 17th November, 2021 A-12011/8/2019-ESTT-NFRA CIRCULAR National Financial Reporting A...

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Suggestions on Statutory Audit & Auditing Standards For MSMCS

t may be noted that audit is required for the purpose of giving true and fair view of the financials of a Company by an auditor who is an external party and independent of the transactions being done in the company, giving an unbiased opinion on the affairs of the Company. Such true and fair position of the financials is reported before v...

Read More
Posted Under: Company Law |

Comments & Response on NFRA Consultation Paper on Statutory Audit & Auditing Standards for MSMCs

NFRA Chairman can be Part Time in terms of Companies Act (CA with a Minimum Audit Experience of more than 25 years) It is important to ensure that only CAs with Audit experience of more than 10 years should be considered for nomination for any part-time or full-time members role in NFRA, except Ex-Officio Members....

Read More
Posted Under: Company Law |

Joint Representation on NFRA Consultation Paper on Statutory Audit

9th November, 2021 To, Shri Ashok Kumar Gupta Chairperson National Financial Regulatory Authority [email protected] Subject: – Joint Representation on Consultation Paper – September, 2021 on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) 1. Bombay Chartered Accountants’ Society 2. Karn...

Read More
Posted Under: Company Law | ,

Consultation Paper Dated 29th September 2021 of NFRA Is Opportunity To Tell The World Advantages of Audit To Even Smallest Enterprise

The importance of Audit of an organization is perhaps as same as what is oxygen for human being. It is a 360 degree review of all the organization working and to speculate whether the organization can expand or if there is some cost cutting to do....

Read More
Posted Under: Company Law |

Advisory to file Form NFRA-2 Annual Return immediately

 Advise to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already...

Read More
Posted Under: Company Law |

Mystery of Zero Audit Fees of 1.81 lacs Companies As per NFRA Report

Mystery of Zero Audit Fees of 1.81 lacs Companies As per NFRA Report The answer is Big No? In No way It is possible to get Audit done work done without paying any single rupee for Audit!! Does any logic certify that? So How NFRA computed that –  Wherefrom they have taken this data? NFRA […]...

Read More
Posted Under: Company Law |

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