Government Focusing On Further Strengthening NFRA

Government focusing on further strengthening NFRA, Corporate Affairs Secretary said.

The government on Saturday said it is committed to further strengthening the functioning of the National Financial Reporting Authority (NFRA).

NFRA is an independent regulator for the auditing profession under the Ministry of Corporate Affairs.

Speaking at an event organized by NFRA as a part of Azadi Ka Amrit Mahotsav celebrations.

Corporate Affairs Secretary Rajesh Verma said that we need to see what more needs to be done to enable NFRA to discharge its duties.

He said that the government is continuously focusing on further strengthening the NFRA.

In the process, we are also taking into account the recommendations of the Company Law Committee regarding the financial and operational autonomy of the NFRA.

He also traced the development of NFRA, which came into existence in October 2018.

He further said that NFRA is mandated to establish high-quality standards of accounting and auditing to protect the public interest and the interests of investors and creditors.

Also, to the others, who are associated with companies and the accounting functions performed by companies and audit functions performed by auditors. need to be monitored effectively.

Meanwhile, NFRA Chairman Ajay Bhushan Prasad Pandey stressed the need to harness technology and data to bring efficiency to the independent regulatory body.

According to him, more than 6,800 companies come under the purview of NFRA, which includes listed and unlisted companies.

Union Minister of State for Corporate Affairs Rao Inderjit Singh also spoke about the importance of self-regulation.

In addition, the winners of the All India Level Quiz conducted by NFRA in December-January 2022 were felicitated by the Union Minister.

The event saw the participation of experts in the audit and regulation of accounting standards from the domestic and international arenas.

An expert from the Certified Public Accountants and Auditing Oversight Board, Japan also shared his views on audit quality and financial reporting.

Let us inform you that as a part of the Azadi Ka Amrit Mahotsav celebrations, NFRA organized a two-day webinar in October 2021 to promote understanding and awareness of audit and accounting standards amongst the stakeholders and citizens of the country.