National Financial Reporting Authority (NFRA) has planned to increase the number of audit firms it inspects annually, aiming to enhance regulatory oversight.
About NFRA:
- NFRA is an independent regulator established in 2018 under the Companies Act, 2013.
- It oversees the auditing profession and the Indian Accounting Standards.
Functions:
- Recommending accounting and auditing policies and standards for the country.
- Undertaking investigations and imposing sanctions against defaulting auditors and audit firms.
Composition:
- The Chairperson is appointed by the Central Government.
- It can have up to 15 part-time or full-time members.
- Accounts Audit Role: The Comptroller and Auditor-General of India is involved in auditing accounts under the NFRA’s oversight.
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