NFRA Rules Notified

The Centre has notified the much-awaited National Financial Reporting Authority (NFRA) rules, taking away the CA Institute’s monitoring and disciplinary powers over auditors of listed entities and large unlisted companies besides banks and insurance companies.

New Rules

As per the newly notified rules, the NFRA will have the power to:

  • Monitor and enforce compliance with accounting standards and auditing standards, oversee the quality of service and undertake investigation of the auditors of listed entities; unlisted entities with paid-up capital of not less than Rs 500 crore or annual turnover of over Rs 1,000 crore or those having ....

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