Company Law : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...
Company Law : Explore the implications of recent debarments by the National Financial Reporting Authority (NFRA) on Chartered Accountants and fi...
Company Law : Coffee Day Enterprises Limited (CDEL) operates in various sectors, including coffee retailing, logistics, financial services, and...
Company Law : Stay compliant and avoid NFRA penalty proceedings with this summary and checklist for Chartered Accountants. Learn from the case o...
Company Law : Explore the recent judgments by NFRA against auditors in India. Learn from the analysis of violations, including unauthorized appo...
Company Law : Delve into the NFRA order controversy with detailed analysis on penalty imposition, opinion disparities, and key issues. Gain insi...
Company Law : Dive into NFRA detailed Financial Reporting Quality Review (FRQRR) of PSP Projects Ltd. Uncover high and low impact observations, ...
CA, CS, CMA : Explore NFRA's RFP for Chartered Accountant firms/LLPs/Proprietorships to compile, verify books, handle taxation matters. Key date...
Corporate Law : Explore the Ministry of Corporate Affairs draft policy for pre-legislative consultation and a comprehensive review of rules and re...
Company Law : The NFAR Annual Report for 2022-23 reflects a pivotal year marked by significant achievements and milestones. This comprehensive r...
Corporate Law : Delhi High Court refuses interim relief against NFRA penalties imposed on CAs and CA firm in the Reliance Capital audit lapses cas...
Corporate Law : Delhi High Court halts NFRA proceedings against CA Unnikrishnan Menon, challenging show cause notice for irregularities in Quess C...
Corporate Law : Explore NFRA Order No. 019/2024 detailing penalties imposed on M/s Singh Ajay & Co. and CA Priyank Mittal for audit lapses in Vika...
Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...
Company Law : Learn about NFRA action against CA Kashinath Chaturvedi for professional misconduct in auditing DHFL branches. Understand the find...
Company Law : Explore NFRA's order under Companies Act 2013 on CA Krishna Bihari Chaturvedi for audit misconduct at DHFL branches in FY 2017-18....
Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....
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 globe has been carried out in response to financial scams owing […]
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) Rules, 2018, determining the jurisdiction, function […]
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.
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.
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 will be engaged as Consultant in MCA […]
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 what is NFRA & what are […]
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, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial Year;
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.
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 to issue directions to any auditor for taking appropriate measures to improve audit quality, etc.
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 strengthen the legal regime of auditors and promote audit as a profession. I am here through this article to express my views on audit profession in India with my vast decades of combined audit experience in India as well as U.S.A.
