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.