Despite NFRA inherent regulatory role of ICAI shall continue-ICAI President

Despite NFRA inherent regulatory role of ICAI shall continue, ICAI have representation on the NFRA Board. -ICAI President

In his latest presidential message dated 28-03-2018, CA Naveen N. D. Gupta has assured members that inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue. 

The members have been informed of the meeting of President and Vice President of ICAI with the Union Finance and Corporate Affairs Minister Shri Arun Jaitley along with other ministers where ICAI submitted its representation enumerating its views and concerns and also the anticipated operational difficulties.

It has been stated that the in the said meeting assurance was given that the inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue. 

Also the ICAI President has refuted the media reports that ICAI will not have any representation on the NFRA Board. Referrring to the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018, he clarified that the ICAI President and Chairmen of Accounting Standards Board and Auditing and Assurance Standards Board of ICAI (ex-officio) shall be appointed as members on the Board of National Financial Reporting Authority.