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News: The National Financial Reporting Authority (NFRA) has started the process of reviewing the audit and quality standards issued by Institute of Chartered Accountants of India (ICAI). The objective is to align them with global practices.
1. The National Financing Reporting Authority (NFRA) is a statutory body set up in 2018 under the provisions of the Companies Act, 2013.
2. NFRA comprises a chairperson and a maximum of 15 members.
3. Important functions and powers of NFRA are regulating the profession of auditors, setting standards for financial reporting, monitoring compliance with auditing and accounting standards, providing advisory services.
4. NFRA works independently of ICAI and can act against auditors, audit firms, and companies that violate regulatory standards.
5. NFRA is headquartered in New Delhi.
6. NFRA is administered by the Ministry of Corporate Affairs (MCA).
