Is ICAI a regulator?

Is ICAI a regulator?

Share this page: The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country.

Are chartered accountants regulated?

All of our chartered accountants are qualified and regulated. They provide their specialist advice and services to the highest professional levels and comply with our principles-based guidance and standards on matters including ethics and quality assurance.

What is NFRA in auditing?

The National Financial Reporting Authority (NFRA) is a quasi-judicial organisation that oversees accounting and auditing issues.

Is Nfra a statutory body?

The National Financial Reporting Authority (NFRA) is a body constituted under the provisions of Section 132 of the Companies Act, 2013. The constitution of this authority is effective from 1st October 2018. Improving investor and public confidence in the financial reporting of an entity.

Who regulates chartered?

The Financial Reporting Council
The Financial Reporting Council (FRC) promotes transparency and integrity in business. It regulates auditors, accountants and actuaries, and sets the UK’s Corporate Governance and Stewardship Codes.

Who regulates accounting?

Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC). The SEC has the authority to both set and enforce accounting standards.

What is the power of Nfra?

Powers of the NFRA The NFRA shall have the following powers: To investigate the matters of professional or other misconduct committed by a prescribed class of CA firms or CAs. No other authority can initiate or continue proceedings where the NFRA has initiated an investigation.