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Lecture Meeting on NFRA Rules

LECTURE MEETING ON NFRA RULES

ACCOUNTING AND AUDITING COMMITTEE

Chairman : Heneel Patel
Vice Chairman : Tejas Parikh
Convenors : Arpita Desai, Deepak Shah
Advisor : Jayesh Gandhi

 

Day & Date

:

Thursday, 13th December, 2018

Time : 6.00 p.m. to 8.00 p.m.
Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate
Speaker : CA Mukund Chitale, Past President, ICAI

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

With the latest Corporate Affairs Ministry move, the NFRA — the newly set up independent regulator of the audit profession — has become the all-powerful body when it comes to disciplining auditors and overseeing the quality of service rendered by
chartered accountants at large entities.

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 and large unlisted entities.

The NFRA will maintain details of particulars of auditors appointed by companies; recommend accounting and auditing standards for approval by the Central government. This authority will also oversee the quality of service of the professionals associated, ensuring compliance with such standards and suggest measures for improvement in quality of service.

The rules also provide for a detailed procedure on disciplinary proceedings that will be undertaken by the NFRA. It has mandated time-bound disposal (90 days) of the show cause notice through a summary procedure.

With a view to bring general awareness about the subject the Accounting and Auditing Committee had organised the lecture meeting on ‘NFRA Rules’ which will broadly cover legal framework and other related matters.

All are cordially invited to take benefit of this unique lecture meeting

Event Properties

Event date: 13-Dec-2018 6:00 pm
Event End Date: 13-Dec-2018 8:00 pm
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