Table of Contents
What is the role of NFRA?
Role of the NFRA Monitor and enforce the compliance of the accounting standards and auditing standards: Oversee the quality of service of the professionals (such as auditors, CFOs, etc) and suggest measures required for improvement in the quality of service; Perform such other functions related to the above.
What is the full form of NFRA?
The National Financial Reporting Authority (NFRA) was constituted on 01st October,2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
What is Nfra 2 form?
NFRA 2 form is to be filed by the Auditor which has signed any audit report pertaining to any auditee falling under Rule 3(1) (a) to 3 (1) (e) of NFRA Rules 2018, during the reporting period.
Who is chairperson of Nfra?
Sh Ashok Kumar Gupta
Present Chairperson & Full Time Members of NFRA
| S.No. | Present Chairperson & Members of NFRA | Designation |
|---|---|---|
| 1 | Sh Ashok Kumar Gupta | Chairperson |
Who is the chairman of Nfra?
Who needs to file Nfra?
As per Rule 5 of NFRA Rules 2018, it has been prescribed that the auditors of class of companies specified in Rule 3(1) are required to file an annual return with NFRA in the prescribed form (NFRA-2) on or before 30th November every year.
What is NFRA 2 form?
Is NFRA investigating auditing failures in top companies?
NFRA is investigating auditing failures in some of the top companies recently. Audit regulators globally follow such processes to achieve their objectives. NFRA is separately investigating some of the major audit failures in firms including IL&FS, ITNL, and PMC Bank, said people in the know.
Who shall be regulated by the NFRA?
There are certain classes of entities (companies, body corporates and persons) who shall be regulated by the NFRA. Of the entire gamut of entities that will be regulated by NFRA, the “ body corporates, other than company, falling under Rule 3 (1)” will be required to file the particulars of appointment of auditors with the NFRA in form NFRA -1.
Why has the NFRA taken up the AQR?
Pursuant to the duty cast upon the NFRA, and the mandate given in this connection, the NFRA has taken up the AQRof the statutory audit of ILFS Financial Services Limited (IFIN) for the financial year 2017-18 (the “Engagement”) carried out by Deloitte Haskins & Sells LLP (Firm Registration No. 117366W/W-100018) (“Audit Firm”).
What do the biggest audit firms in the country need to know?
The biggest audit firms in the country have been told to submit details about the audit processes, the number of clients, details of fees, the non-audit work done for these clients and details of audit qualifications on financial accounts. NFRA is the national audit regulator and part of the ministry of corporate affairs (MCA).