National Financial Reporting Authority (NFRA)

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

Approach:

• 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