Home Business Govt dedicated to additional strengthening Nationwide Monetary Reporting Authority

Govt dedicated to additional strengthening Nationwide Monetary Reporting Authority

The federal government on Saturday stated it’s dedicated to additional strengthening the functioning of Nationwide Monetary Reporting Authority (NFRA).

NFRA is an impartial regulator for the auditing occupation underneath Ministry of Company Affairs.

Talking at an occasion organised by NFRA as part of Azadi Ka Amrit Mahotsav (AKAM) celebrations, Ministry of Company Affairs Secretary Rajesh Verma stated,”We have to see what extra must be completed to strengthen NFRA to allow it to discharge its duties successfully” in addition to strengthen the mandates of defending the general public pursuits.

“The federal government is constantly targeted on additional strengthening NFRA and within the course of we’re additionally trying into the suggestions of the Firm Regulation Committee with regard to monetary and operational autonomy of NFRA,” he added.

He additionally traced the evolution of NFRA, which got here into existence in October 2018.

He, additional, stated NFRA is required to guard public curiosity and the pursuits of traders, collectors and others related to the businesses by establishing prime quality requirements of accounting and auditing and exercising efficient oversight of accounting capabilities carried out by corporations and auditing capabilities carried out by auditors.

In the meantime, NFRA Chairman Ajay Bhushan Prasad Pandey pressured on the necessity of exploiting expertise and knowledge to herald effectivity on the impartial regulatory physique.

In line with him, over 6,800 corporations come underneath NFRA purview, which embrace listed in addition to unlisted corporations. Union Minister of State for Company Affairs Rao Inderjit Singh additionally spoke concerning the significance of self regulation.

Moreover, winners of an all-India degree quiz carried out by NFRA in December-January 2022 had been felicitated by the Union Minister.

The occasion noticed participation from consultants in regulation of audit and accounting requirements from home and worldwide enviornment. An knowledgeable from Licensed Public Accountants and Auditing Oversight Board, Japan additionally shared views on audit high quality and monetary reporting. As part of AKAM celebrations, NFRA had organised a two-day webinar in October 2021 to advertise the understanding and consciousness of Auditing and Accounting Requirements among the many stakeholders and residents of the nation.



Supply hyperlink

RELATED ARTICLES

Too huge to jail: The story of HSBC and the Mexican drug cartel

In 2012, HSBC was fined $1.9bn and entered right into a Deferred Prosecution Settlement for facilitating the laundering of cash by the Mexican medication...

American Airways regional carriers hike pilot pay as scarcity persists

American Airways Embraer ERJ-145 regional jet plane as seen on closing strategy touchdown at New York JFK worldwide airport in NY, on February...

“Will make sure that financial institution turns into the very best financial institution finally”: Subramaniakumar, RBL Financial institution

Cash & BankingThe incumbent MD & CEO of RBL Financial institution – R Subramaniakumar and Rajeev Ahuja who was the interim MD &...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Too huge to jail: The story of HSBC and the Mexican drug cartel

In 2012, HSBC was fined $1.9bn and entered right into a Deferred Prosecution Settlement for facilitating the laundering of cash by the Mexican medication...

American Airways regional carriers hike pilot pay as scarcity persists

American Airways Embraer ERJ-145 regional jet plane as seen on closing strategy touchdown at New York JFK worldwide airport in NY, on February...

Recent Comments