#auditing professionals

[acquisory]

ROLE OF NATIONAL FINANCIAL REPORTING AUTHORITY

“Union Cabinet has now approved the proposal for establishing the National Financial Reporting Authority (NFRA), intended to serve as an independent regulator for the auditing profession. We believe establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliability of financial information presented by listed and unlisted companies in India. ”

National Financial Reporting Authority (NFRA) is a body proposed in CA 2013 for the establishment and enforcement of accounting and auditing standards and it would oversee the services and quality of services provided by the auditors and mainly listed companies and large unlisted public companies will fall under the jurisdiction of NFRA. It will be an audit watchdog and a regulator for the Government.

Government of India has recently set up the National Financial Reporting Authority (‘NFRA’), which will be an independent regulator for the audit professionals. Section 132 of the CA 2013 deals with the constitution of ‘NFRA’ and power of central government to appoint Chair person, member, secretary and other staff at NFRA. MCA has also notified NFRA (Manner of appointment and other terms and conditions of service of Chairperson and Members) Rules, 2018.

“NFRA is the authority proposed to serve as an independent regulator for the auditing profession and to investigate professional matters or misconduct of any member or a firm of CA’s.”

WHAT IS NATIONAL FINANCIAL REPORTING AUTHORITY (‘NFRA’):

The idea for NFRA came after the Satyam scam in 2009, following which the Standing Committee on Finance recommended the creation of an audit regulator. Later CA, 2013 section 132 (1) authorized the Central Government to constitute a National Financial Reporting Authority to provide for matters relating to accounting and auditing standards. The role of NFRA is:

– To make recommendations to the Central Government on the formulation and laying down rules for accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be;

– To monitor and enforce the compliance with accounting and auditing standard;

– To oversee the quality of service of the professionals associated with ensuring compliance with accounting and auditing standard;

– To suggest measures required for improvement in the quality of service of the professionals;

Constitution of NFRA?

NFRA will comprise of a chairperson, three full-time members and a secretary. The number of members including full time and part time members will not exceed 15. The Central Govt. has right to appoint the chairman and other members of NFRA on the recommendation of the search-cum-selection committee.

Chairperson and full time members of NFRA shall not be associated with any audit firm (including related consultancy firms) during the course of their appointment and two years after ceasing to hold such appointment and will give a declaration to the Central Govt. regarding no conflict of interest or lack of independence in respect of their appointment to the NFRA.

Central Govt. may also appoint a secretary and such other employees as it may consider necessary for the efficient performance of the functions by NFRA.

NFRA (Manner of appointment and other terms and conditions of service of Chairperson and Members) Rules, 2018 covers detailed provisions regarding the composition of NFRA and the terms and conditions of the appointment of the Chairperson and members of NFRA.

What will be ICAI’s role now?

The role of ICAI stands significantly diluted. ICAI’s role will continue in respect of its members, in general, and, specifically, with respect to audits pertaining to private limited companies and public unlisted companies below the threshold limit to be notified in the rules.

ICAI would continue to play its advisory role with respect to accounting and auditing standards and policies by making its recommendations to the Central Govt. As listed companies and large unlisted companies will fall under the jurisdiction of NFRA, the audit of private companies and unlisted companies (below threshold limit) will be under ICAI.

In a way, it indicates a certain lack of trust in ICAI to effectively address malpractices indulged in by recalcitrant members.

How does the community view it?

‘Chartered accountants are watch-dogs, and not blood-hounds,’ goes an argument. Things turn bad when entries are not recorded at all. In such instances, CAs can do very little, it is argued.

Powers of NFRA:

Apart from making recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards, the NFRA will have the investigative and disciplinary powers. NFRA can:

Investigate either suo moto or on the reference made to it by Central Govt. into the matters of professional or other misconduct, committed by any…

Read More: https://www.acquisory.com/ArticleDetails/69/Role-of-National-Financial-Reporting-Authority

[sleepboysummer]

guys MY theatre is doing ride the cyclone. and i am not auditioning. on PURPOSE. promise me you'll love me anyways

[ongreenergrasses]

i got into an opera pit orchestra 🎶

[infinitelytheheartexpands]

you know what, though? I'm honestly proud of myself. I worked up the nerve to do something I perhaps have no business doing, I put myself out there, I reached out and got that invitation, I did my best with what I had. I'm even proud of my reaction when I found out I didn't get cast. I didn't cry. I just nodded and went "well, that's that". So, there's that.

[blushblushbear]

*lies down* I just had the cringest fucking idea and I don't know if I wanna be that cringe but I could easily make it happen so I'm like what if

SO...

I wasn't going to say anything for professional reasons but I voice act a little on the side (extremely small time)

And I literally live in delulu-land where I'm like 'I CAN VOICE ALL MY OWN CHARACTERS!' (not really, I wouldn't cast me for a lot of them actually but shhh)

So I'm like

*lies down* how cringe would it be to make a little back and forth between Iris and the boys with me reading Iris and using already available voice clips for the dudes....

Idk bro that's pretty cringe but do we care past this point

Thoughts????

[could-they-be-a-pro-wrestler]

How successful would Amanda Young…

[glitterpensupremacy]

Lil MTS-inspired (might end up being in the final cut, but idk yet) blurb:

(Explanation below the cut)

Okay, we’re nowhere NEAR writing MTS Animaestro (especially when it’s in the last season and I haven’t even finished writing the first episode of the show), but I’ve been thinking about it lately anyway.

The episode will be both pretty similar and pretty different from the Miracubug one, but one of the (super minor) is that it’ll be different is the casting for Movie LB and CN . (Since Zoé’s dreams of being an actor get more focus, she ends up being the one to voice Ladybug, but we still need a Chat Noir. Yes we technically COULD still do Adrien, but for reasons related to the episode plans, we’re gonna go with someone else instead. It might not actually be Félix but this scene kept popping into my head so I had to write it out.)

[slutauthority]

honestly if the SAGAFTRA negotiating goes well, I might actually be inclined to get back into the entertainment industry

[i-like-gay-books]

getting rejected from a student-run organization is wild like yeah we're just here to have fun! but not you we don't want you

[xbladekitkat85]

We are doing Macbeth this semester and I don't care if I don't get a big role, just gimme a part that involves stage combat, I am begging-

[halsca-uae]

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[sassmill]

Right as I’m putting on my director cap again in a big professional way, one of the directors and educators that really helped shape my career has passed. Big artist emotions right now.

[poorwhayfairingstranger]

i wanna maybe become a Kpop dancer or Jpop but i need some advice on it...

Do you want to be one in real life?

If it's something that makes you happy then go for it.

But I should warn you

Never get a job that you live for.

Get a job you can live with that support to life you can live for.

Don't let a job become your whole life.

It'll make you hate what you love.

[could-they-be-a-pro-wrestler]

Since WWE characters are fair game, I suggest Rhea Ripley.

What do you think, Tumblr? Can Mami do an RKO outta nowhere?

Can Rhea Ripley perform a…

[mysticarcanum]

HAD A REALIZATION. GONNA LOSE MY MIND

[slowdeathbyetudes]

friends i’m back on here and this is how it’s going