NFRA not to impact functions of accounting regulator ICAI
PrintListen to this Article
The setting up of National Financial Reporting Authority (NFRA), a quasi-judicial body, will not impact the role of accounting regulator ICAI, an official said today.
Under the new companies law, the government would be setting up the National Financial Reporting Authority (NFRA) -- that would monitor and ensure compliance with various accounting and auditing standards, among others.
"NFRA is now a ground reality... since the government has decided to set up this body, we will help the government in whatever manner possible," Institute of Chartered Accountants of India (ICAI) President Subodh Kumar Agrawal told PTI.
His comments come against the backdrop of concerns that establishing NFRA could result in dilution of powers of ICAI.
Agrawal noted that final structure and mandate of NFRA is yet to become clear, as the draft laws under the companies bill are in the process of being formulated.
"The government has in the past introduced changes ... Those steps did not impact us...NFRA too will not impact the role of ICAI," he said.
Regarding the provision in the new companies law that restricts auditors only a maximum of 20 companies at a time, Agrawal said, "this provision is a concern and cannot be removed now... (however) there is still scope to address it and the government will address it".
"No bill can have all positives but once it has become a law of the land we will welcome it and whatever our concerns we have talked to the government regarding them," he said. (Economic Times)
Category : ICAI | Comments : 0 | Hits : 492
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments