NFRA to rope in consultants for audit report review and other allied work

Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review.

Consultants — mainly chartered accountants -- are mainly proposed to be hired for a period of one year (on contract basis) to assist National Financial Reporting Authority (NFRA) in conduct of audit quality review and disciplinary proceedings

It may be recalled that NFRA is a statutory body set up under the Companies Act. NFRA is now an independent regulator for auditors of listed companies and large unlisted companies, besides banks and insurers. 

It was constituted by the Central Government for enforcement of auditing standards and ensuring the quality of audits, in order to enhance investor and public confidence in financial disclosures of companies. 

NFRA also has oversight of electricity firms and those body corporates referred to it by the Centre.#casansaar (Source - The Hindu Business Line)