22) National Financial Reporting Authority (NFRA)

Question 1

What is NFRA ?

Answer 1

It is an independent regulator to oversee the auditing profession and accounting standards in India

Question 2

When was it formed ?

Answer 2

In 2018 under Companies Act, 2013

Question 3

Functions ?

Answer 3

It is responsible for transparency and reliability of financial statements and information presented by listed companies and large unlisted companies in India

Question 4

Who monitors its accounts ?

Answer 4

CAG

Question 5

HQ ?

Answer 5

New Delhi

Question 6

Powers of this authority ?

Answer 6

1) It can probe listed companies and those unlisted public companies having paid up capital of no less than Rs 500 cr or annual turnover of no less than Rs 1000 cr
2) It can Investigate professional misconduct committed by the members of Institute of Chartered Accountants of India (ICAI) for prescribed class of body corporate or persons