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
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