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Business News » India News

National Financial Reporting Authority cleared by Cabinet; watchdog for auditing profession on way

The jurisdiction of the NFRA -- which would be an oversight body for auditors -- would extend to all listed companies as well as large unlisted public companies.

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National Financial Reporting Authority cleared by Cabinet; watchdog for auditing profession on way
Arun Jaitley said NFRA would help in improving foreign and domestic investments as well as support globalisation of business by meeting international practices. Image source: Reuters
Updated: Thu, Mar 01, 2018
07:12 pm
PTI
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Govt moots creation of NFRA to keep a tab on dishonest CAs Govt moots creation of NFRA to keep a tab on dishonest CAs

The Cabinet today approved setting up of the National Financial Reporting Authority (NFRA), which will be an independent regulator for the auditing profession. The decision comes against the backdrop of various auditing lapses in the banking sector, including the Rs 12,700 crore fraud at Punjab National Bank. "The NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act, 2013," Corporate Affairs Minister Arun Jaitley said.

The jurisdiction of the NFRA -- which would be an oversight body for auditors -- would extend to all listed companies as well as large unlisted public companies.

The regulator would have a chairperson and three full-time members. Besides, there would be a secretary.

Jaitley said NFRA would help in improving foreign and domestic investments as well as support globalisation of business by meeting international practices.

 

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TAGS:
NFRANational Financial Reporting Authorityunion cabinetAuditing profession
RELATED NEWS
Govt moots creation of NFRA to keep a tab on dishonest CAs Govt moots creation of NFRA to keep a tab on dishonest CAs

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