NFRA

NFRA Annual Return

Corporate Law - Background Certain Companies and other entities as prescribed entities are governed by NFRA under Section 132 of the Companies Act,2013, read with NFRA Rules, 2018. NFRA Annual Compliance by Auditor Auditor is required to file form NFRA-2 annually before 30 November governed by NFRA Authority. Rule 3(1) of NFRA Rules specifies the class o...

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 Introduction of National Financial Reporting Authority (NFRA)

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

Corporate 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

Corporate 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

Corporate 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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NFRA introduces audit quality inspections

Corporate Law - The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines  as a step towards  further  improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to t...

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List of Audit Firms that have not filed NFRA-2 forms

Corporate Law - 1) Rule 5 of NFRA Rules 2018 (as amended from time to time) auditors of class of companies specified in Rule 3 of the above referred Rules are required to file with NFRA an annual return in specified form viz. NFRA-2, on or before 30th November every year. However, in order to provide sufficient time, […]...

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NFRA Rule 13 – Punishment in case of non-compliance

Corporate Law - Ministry of Corporate Affairs has amended Rule 13 of the National Financial Reporting Authority Rules, 2018 [Punishment in case of non-compliance] on 17th June, 2022...

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FRQRR of ISGEC Heavy Engineering Limited by NFRA

Corporate Law - Financial Reporting Quality Review Report (FRQRR) in respect of ISGEC Heavy Engineering Limited for the FY 2019-20.  Company: ISGEC Heavy Engineering Limited CIN: L23423HR1933PLC000097 Financial Reporting for the Financial Year: 2019-20 Financial Reporting Framework: Indian Accounting Standards (Ind AS) Report No: NF- 20011/12/2021 Date ...

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ICAI advises members to file Form NFRA-2- Annual Return

Corporate Law - Database of Companies and Auditors under NFRA domain as on 31st March, 2021 as prescribed by the Central Government under Rule 3 (1) of NFRA Rules, 2018 and Advise to file Form NFRA-2- Annual Return....

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Non-Accrual of interest on borrowings by companies in violation of Ind AS

Circular No. NF-25011/5/2022-0/o Secy-NFRA - (20/10/2022) - NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It has come to the attention of the NFRA during  a disciplinary action under section 132(4) of the Act for professional misconduct of the statutory auditor (CA Som Prakash Ag...

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NFRA debars CA from practice for 5 years & imposes penalty of Rs. 5 lakh

Order No. NF-23/30/2021 - (19/09/2022) - NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or bo...

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CA Banned for 3 years by NFRA and imposes penalty for lapses in Audit

NFRA Order No. NF-23/46/2021 - (12/09/2022) - The primary function of the Auditor in the present case was to ensure compliance with SAs to achieve the necessary audit quality to lend credibility to financial statements and facilitate its users. A critical, questioning attitude, an unwillingness to be satisfied by superficial explanations, not c...

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NFRA imposes Penalty and Sanctions on a CA for professional misconduct

Notification No. NF-20012/1/2022  - (21/06/2022) - Considering the fact that professional misconduct has been proved, NFRA imposes monetary penalty of Rs 100,000 upon CA Gulshan Jagdish Jham....

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National Financial Reporting Authority Amendment Rules, 2022

Notification No. G.S.R. 456(E) - (17/06/2022) - (1) These rules may be called the National Financial Reporting Authority Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette....

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Recent Posts in "NFRA"

NFRA Annual Return

Background Certain Companies and other entities as prescribed entities are governed by NFRA under Section 132 of the Companies Act,2013, read with NFRA Rules, 2018. NFRA Annual Compliance by Auditor Auditor is required to file form NFRA-2 annually before 30 November governed by NFRA Authority. Rule 3(1) of NFRA Rules specifies the class o...

Read More
Posted Under: Company Law |

NFRA introduces audit quality inspections

The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines  as a step towards  further  improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to t...

Read More
Posted Under: Company Law |

Non-Accrual of interest on borrowings by companies in violation of Ind AS

Circular No. NF-25011/5/2022-0/o Secy-NFRA 20/10/2022

NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It has come to the attention of the NFRA during  a disciplinary action under section 132(4) of the Act for professional misconduct of the statutory auditor (CA Som Prakash Aggarwal) of a listed company (Vikas WSP [...

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List of Audit Firms that have not filed NFRA-2 forms

1) Rule 5 of NFRA Rules 2018 (as amended from time to time) auditors of class of companies specified in Rule 3 of the above referred Rules are required to file with NFRA an annual return in specified form viz. NFRA-2, on or before 30th November every year. However, in order to provide sufficient time, […]...

Read More
Posted Under: Company Law | ,

NFRA debars CA from practice for 5 years & imposes penalty of Rs. 5 lakh

Order No. NF-23/30/2021 19/09/2022

NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate....

Read More

CA Banned for 3 years by NFRA and imposes penalty for lapses in Audit

NFRA Order No. NF-23/46/2021 12/09/2022

The primary function of the Auditor in the present case was to ensure compliance with SAs to achieve the necessary audit quality to lend credibility to financial statements and facilitate its users. A critical, questioning attitude, an unwillingness to be satisfied by superficial explanations, not concluding on material matters without ri...

Read More

NFRA Rule 13 – Punishment in case of non-compliance

Ministry of Corporate Affairs has amended Rule 13 of the National Financial Reporting Authority Rules, 2018 [Punishment in case of non-compliance] on 17th June, 2022...

Read More
Posted Under: Company Law |

FRQRR of ISGEC Heavy Engineering Limited by NFRA

Financial Reporting Quality Review Report (FRQRR) in respect of ISGEC Heavy Engineering Limited for the FY 2019-20.  Company: ISGEC Heavy Engineering Limited CIN: L23423HR1933PLC000097 Financial Reporting for the Financial Year: 2019-20 Financial Reporting Framework: Indian Accounting Standards (Ind AS) Report No: NF- 20011/12/2021 Date ...

Read More
Posted Under: Company Law |

NFRA imposes Penalty and Sanctions on a CA for professional misconduct

Notification No. NF-20012/1/2022  21/06/2022

Considering the fact that professional misconduct has been proved, NFRA imposes monetary penalty of Rs 100,000 upon CA Gulshan Jagdish Jham....

Read More

National Financial Reporting Authority Amendment Rules, 2022

Notification No. G.S.R. 456(E) 17/06/2022

(1) These rules may be called the National Financial Reporting Authority Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

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