What is NFRA in accounting?

What is NFRA in accounting?

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.

Who is the head of NFRA?

Sh Ashok Kumar Gupta
Present Chairperson & Full Time Members of NFRA

S.No.	Present Chairperson & Members of NFRA	Designation
1	Sh Ashok Kumar Gupta	Chairperson

What is NFRA 2 form?

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 period.

Who are the members of NFRA?

Part Time Members of NFRA

S.No.	Part Time Members of NFRA
1	Sh K.V.R. Murty, Joint Secretary – Ministry of Corporate Affairs (MCA)
2	Sh Ram Mohan Johri, Director General – International Centre for Information Systems & Audit (ICISA)
3	Ms Sudha Balakrishnan, Chief Financial Officer – Reserve Bank of India (RBI)

What is the object of 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 2 annual return?

NFRA-2 form is an annual return to be filed by an audit firm giving a host of details ranging from its registration and PAN number to details of fee received, details of the partners and number of employees.

Is NFRA a statutory body?

National Financial Reporting Authority (NFRA), New Delhi, is a statutory body set up under Section 132 of Companies Act, 2013.

How do I join the NFRA?

NFRA invites applications from interested and eligible Indian citizens through online mode @www.nfra.gov.in. Thus, online applications will be made available from 29th February 2020.

Who can file Nfra form?

auditor
Explanation of FORM NFRA-1 This particular form needs to be filed by the auditor of Indian body corporates or foreign companies who fall under rule number 3(3) of the NFRA. The auditor also needs to be functioning as on the date of the commencement of the rules in the company.

Is Nfra a statutory body?

What is the power of NFRA?

Powers of the NFRA The NFRA shall have the following powers: To investigate the matters of professional or other misconduct committed by a prescribed class of CA firms or CAs. No other authority can initiate or continue proceedings where the NFRA has initiated an investigation.

What is Nfra 2 annual return?

What does NFRA stand for?

National Financial Reporting Authority. National Financial Reporting Authority (NFRA) is an Indian body proposed in Companies Act 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors. The Centre has appointed former IAS officer Rangachari Sridharan as chairperson of NFRA.

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.

What is the role of NFRA in auditing?

National Financial Reporting Authority (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.

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