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17th September 2021 (5 Topics)

National Financial Reporting Authority (NFRA)

Write a note on the objectives and significance of the National Financial Reporting Authority. (150 Words)


  • Introduce by describing National Financial Reporting Authority, its formation under Companies act, 2013
  • Give a background on the need for NFRA (Eg. Satyam scandal)
  • Enumerate the objectives of NFRA
  • Discuss the significance if having an independent regulator to oversee the auditing profession and accounting standards in India
  • Contrast NFRA with ICAI
  • Way Forward / Conclusion

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