Tag: NFRA

NFRA to have power to impose penalty on audit firms  The Chartered Accountants Act, 1949 (Act) provides for imposition of punishment/penalties on members of the Institute of Charted Accountants of India (ICAI) if found guilty of misc-conduct. Also, as per section 132(4) of the Companies Act, 2013, the …

Cabinet approves Establishment of National Financial Reporting Authority  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary …

NFRA to take disciplinary action against CAs CS CMA. High Level Committee to suggest disciplinary systems revamp for professionals. On Chartered Accountants Day on 1st July, 2017, PM Narendra Modi had pointed out ICAI’s poor track record on the disciplinary front, stating that during the last 11 years, …