What is NFRA in auditing?

What is NFRA in auditing?

NFRA provisions under the Companies Act of 2013 Section 132 of the Companies Act, 2013 authorises the Central Government to establish the National Financial Reporting Agency (NFRA) to oversee accounting and auditing problems.

What is the need for NFRA?

The relevance of NFRA in the context of the Companies Act 2013: The objective of NFRA is to regulate audit quality and protect the public interest. These, in any case, are also the main objectives of ICAI which strives to be a world-class regulator.

What is NFRA form?

NFRA 1 Form is an annual return form that is filed by the auditor of Indian body corporates or foreign companies who fall under rule number 3(3).

Who has to file NFRA?

NFRA 2 form is to be filed by the Auditor which has signed any audit report pertaining to any auditee falling under Rule 3(1) (a) to 3 (1) (e) of NFRA Rules 2018, during the reporting Page 5 period.

Is NFRA applicable to private company?

As such only those Electricity Generating companies which are covered under Companies Act, will come under domain of NFRA as per Rule 3(1)(c). Filing of NFRA-1 is not applicable to companies if they have filed ADT-1 at the time appointment of Auditor.

Is Nfra applicable to private company?

Is NFRA constituted?

The National Financial Reporting Authority (NFRA) was constituted on 01st October,2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.

What has NFRA replaced under the Companies Act, 2013?

After introduction of Companies Act, 2013, NACAS was replaced by National Financial Reporting Authority (NFRA). Further, the Standing Committee on Finance in its Thirty-Seventh Report on the Companies (Amendment) Bill, 2016 recommended for expansion of the role of NFRA.

What is the role of the NFRA?

According to the Companies Act of 2013, the National Financial Reporting Authority (NFRA) is responsible for making recommendations in accounting and auditing standards. It also oversees the Quality of Service provided by the accounting and audit professions.

What is NFRA in IAS exam?

The National Financial Reporting Authority (NFRA) is administered by the Ministry of Corporate Affairs under the Government of India to regulate the auditing standards in the country. UPSC Aspirants should be aware of important topics related to Finance and Economics in order to score more marks in the IAS Exam.

When is the nfnfra annual convention?

NFRA Annual Convention Returns October 16-19 in San Diego HARRISBURG, Pa., July 14, 2021 /PRNewswire/ — As the pandemic begins to… For years, when you talked about what was hot at grocery, the plant-based food category was almost always at…

What is Rule 3(2) of NFRA-1?

Rule 3 (2) – Companies & Body corporate not covered in Rule 3 (1) required to file form NFRA-1. Rule 3 (3) -Body corporate other than Companies defined under Section 2 (2) required to intimate appointment of auditor within 15 days in form NFRA-1.