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National Financial Reporting Authority (NFRA)
Context
Shri Nitin Gupta has assumed the charge of Chairperson, National Financial Reporting Authority (NFRA)
National Financial Reporting Authority (NFRA)
- Statutory body established under Section 132 of the Companies Act, 2013.
- Regulates the auditing profession and accounting standards in India.
- Aims to ensure high-quality, transparent, and fair financial reporting.
Composition:
- Chairperson + up to 15 members appointed by the Central Government.
- Members must have expertise in accountancy, auditing, finance, or law, and declare no conflict of interest.
- Members cannot be associated with audit firms during tenure and for 2 years post-tenure.
Functions:
- Recommend accounting/auditing standards.
- Monitor compliance with standards.
- Oversee and improve audit quality.
Powers:
- Can investigate misconduct of Chartered Accountants (CAs) and audit firms.
- Has powers of a civil court under CPC, 1908.
- Can impose penalties/punishments; orders appealable to Appellate Authority.
Jurisdiction:
- Listed companies, large unlisted public companies.
- Others as referred by the Central Government in public interest.
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