Company Law : The issue concerns ineffective communication between auditors and governance bodies despite existing legal requirements. NFRA clar...
Company Law : The amendment introduces imprisonment for failure to comply with NFRA orders. Auditors now face criminal consequences beyond finan...
Company Law : The case highlights how inadequate communication between auditors and those charged with governance violates auditing standards. T...
CA, CS, CMA : CA. Shreyas Dharkar How Standards on Auditing, Guidance Notes, and Code of Ethics Collaboratively Reduce Punishments Imposed by NF...
CA, CS, CMA : NFRA's latest inspection report highlights audit lapses in top firms, raising concerns over auditor independence, ICFR verificatio...
Company Law : Provisional list of audit firms of listed companies yet to file NFRA-2 for 2023-24. Filing deadline was 30.11.2025; fines apply fo...
Company Law : NFRA introduced guidelines to evaluate audit firms’ compliance and quality control systems. The framework emphasizes governance,...
Corporate Law : NFRA has released detailed guidance focusing on auditing provisions and contingent liabilities under Ind AS 37. It emphasizes impr...
Company Law : The issue involved auditor independence concerns arising from network relationships and control weaknesses. The report highlights ...
Company Law : NFRA identified serious deficiencies in audit quality, including poor documentation and weak independence checks. The report highl...
Corporate Law : Delhi High Court dismisses Vivek Chhatre appeal against a single judges order. The case concerns the NFRA enforcement of accountin...
Corporate Law : The Delhi High Court dismisses a petition by a Chartered Accountant against an NFRA show cause notice, citing a recent Supreme Cou...
Company Law : Although this protection does not extend to civil consequences such as forfeiture of property, cancellation of licenses, or debarm...
CA, CS, CMA : Supreme Court permits NFRA to continue audit regulatory proceedings against CAs where no final orders exist, but stays execution o...
Company Law : Delhi HC examines NFRA's jurisdiction in issuing show-cause notices to Engagement Quality Control Reviewers (EQCRs) under Section ...
Company Law : The Centre has amended rules governing part-time appointments to the national financial reporting regulator. The move updates the ...
Company Law : NFRA held that weak, undocumented communication between auditors and governance bodies violates auditing standards and governance ...
Company Law : NFRA requires statutory auditors to assemble, archive, and submit audit files promptly, ensuring audit documentation is authentic,...
CA, CS, CMA : NFRA seeks dynamic professionals for contract roles in finance, IT, and regulatory functions, offering exposure to financial repor...
Company Law : The Ministry of Corporate Affairs has appointed a new Chairperson and three full-time Members to the National Financial Reporting ...
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.
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.
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 Hon’ble Supreme Court […]
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.
