nfra

Finance Minister Nirmala Sitharaman has introduced significant amendments to the Companies Act, aiming to decriminalize procedural defaults and boost flexibility in share buybacks. The proposed changes also introduce new executive compensation instruments and streamline merger processes. Special benches for the National Company Law Tribunal are planned, alongside relaxations for small companies regarding CSR requirements.

The National Financial Reporting Authority (nfra) has found various lapses in the statutory audit of IL&FS Financial Services Limited for 2017-18 that was done by BSR & Associates LLP. nfra has issued the Audit Quality Review Report (AQRR) of the Statutory Audit for the year 2017-18 of IL&FS Financial Services Ltd (IFIN).

New Delhi, Sep 9 () The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (nfra), Union minister P P Chaudhary has said.

The National Company Law Appellate Tribunal (NCLAT) has ruled that the National Financial Reporting Authority (nfra) has superior authority over the Institute of Chartered Accountants of India (ICAI) on disciplinary matters. nfra has retrospective jurisdiction and can initiate proceedings against errant chartered accountants prior to its formation. The NCLAT held four auditors of DHFL guilty of multiple violations and barred them from practice for a year. The NCLAT also stated that nfra has more powers and authority for professional misconduct compared to ICAI.

The National Financial Reporting Authority (nfra) approved 40 audit standards, aligning several with global norms despite objections from the Institute of Chartered Accountants of India. This decision reinforces nfra's authority over audit standard setting, potentially ending ICAI's attempts to reclaim lost powers.

The National Financial Reporting Authority (nfra) has slapped a five-year ban on an auditor for alleged irregularities in the audit of IL&FS Financial Services Ltd (IFIN). Apart from the ban, a fine of Rs 5 lakh has been imposed on Rukshad Daruvala.

The National Financial Reporting Authority (nfra) has launched its second Audit Practice Toolkit, focusing on revenue risk assessment for small and medium audit practitioners. This initiative aims to enhance audit quality by providing a practical guide for identifying and assessing material misstatements in revenue.

The National Financial Reporting Authority (nfra) has penalized auditor Pawan Jain with a Rs 50 lakh fine for professional misconduct in the Quess Corp Ltd case. nfra found that Jain failed to exercise due diligence and obtain sufficient information before issuing reports under the Income Tax Act. He also failed to apply necessary checks, such as verifying business reorganization and excluding employees whose EPS contribution was paid by the government. nfra also noted that Jain incorrectly reported the number of additional employees in FY21 and did not verify the payment of additional employee costs.

SC upheld NCLAT's nfra order against auditors, including Sam Varghese. The ruling strengthens nfra's position in handling fraud cases and professional misconduct, impacting future challenges in High Courts.

The government has appointed former finance secretary Ajay Bhushan Pandey as chairman of the National Financial Reporting Authority (nfra) for a period of three years. Pandey, a 1984-batch Maharashtra cadre IAS officer, retired as revenue secretary in February last year.

The law provides for nfra to look into matters of professional or other misconduct and also suspend CAs and firms from practising for six months-to-10 years.

New Delhi, Apr 29 () The National Financial Reporting Authority plans to hire up to ten chartered accountants and company secretaries on contractual basis, according to an official release.

New Delhi, Nov 9 () The National Financial Reporting Authority (nfra) should be provided with powers to publish audit inspection results, which will act as an effective deterrence tool for better compliance by auditors of public companies, says an expert panel report.

The National Financial Reporting Authority (nfra), the regulator for auditors of large and listed entities, has red flagged Ernst & Young affiliate SRBC & Co's audit of IL&FS and blamed it for failure on multiple fronts.

The Institute of Chartered Accountants of India (ICAI) released a new Standard of Quality Management (SQM), potentially clashing with the National Financial Reporting Authority (nfra). nfra, regulator for auditors of listed and large companies, insists on government notification and argues for alignment with global norms to prevent financial discrepancies.

“We are willing to implement any reform. We have been honestly discharging our duties under supervision by the government and with government nominees being integral part of the disciplinary process,” ICAI president Naveen Gupta told reporters on Monday.

New Delhi, Oct 31 () A government-appointed panel has suggested strengthening the National Financial Reporting Authority (nfra) to deal with "contemporary challenges" related to auditors, audit firms and networks operating in the country, according to a release.

nfra released the first inspection reports of Big Four audit firms, pointing to gaps in audit work, violations of the Companies Act, and inadequate audit documentation. The reports highlighted the provision of non-audit services and the lack of details on network entities. nfra aims to drive quality change across firms to enhance shareholder confidence in audited accounts. The firms reviewed include Price Waterhouse Chartered Accountants, SR Batliboi, BSR & Co, and DHS. In case of DHS (Deloitte Haskins & Sells), nfra pointed to at least one case where the audit firm also provided non-audit services "which amounted to self-review threat".

The National Financial Reporting Authority (nfra) has barred chartered accountant Som Prakash Aggarwal from undertaking audit work for three years, while imposing a fine of Rs 3 lakh for “serious lapses” in the audit of Vikas WSP, the guar gum powder manufacturer.