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Over 1,000 auditors yet to file annual returns - NFRA
Posted Date : 02-Oct-2021 , 07:22:18 am | Posted By CASANSAAR

More than 1,000 statutory auditors, representing a large section of audit professionals, have not filed annual returns, according to the National Financial Reporting Authority (NFRA), India’s audit regulator. Painting a grim picture of India’s audit landscape, NFRA disclosed the names...

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NFRA lists out criteria for quality review
Posted Date : 16-Sep-2021 , 08:57:43 am | Posted By CASANSAAR

The National Financial Reporting Authority on Tuesday said companies will be chosen for audit quality and financial reporting quality review based on the impact the entity has on the economy. After an extensive public consultation, NFRA said of the two criteria, ‘external impact risk’...

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NFRA draws conclusion on comments received on consultation paper on enhanced engagement with stakeholders
Posted Date : 14-Sep-2021 , 08:18:37 am | Posted By CASANSAAR

National Financial Reporting Authority (NFRA) was established by the Central Government in October 2018 with the fundamental objective of driving systemic change in the Indian Financial Reporting System for Public Interest Entities (PIEs)s. NFRA has identified engagement with various categor...

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NFRA may soon settle disciplinary cases of Auditors
Posted Date : 09-Jun-2021 , 09:36:49 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has said that it will propose to the government that it be allowed to settle disciplinary cases of auditors that do not require determination of professional misconduct. NFRA’s plan follows a technical advisory panel set up by the audit watc...

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NFRA can carry on probe of IFIN Audits - Delhi HC
Posted Date : 19-Dec-2020 , 08:37:54 am | Posted By CASANSAAR

The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of ILFS Financial Services (IFIN). While hearing the case on Wednesday, the court, howe...

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NFRA says appointment of Deloitte as statutory auditor in 2017-18 ILLEGAL
Posted Date : 11-Dec-2020 , 09:41:07 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (...

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Appointment of BSR as an Auditor of IFIN was illegal - NFRA
Posted Date : 18-Aug-2020 , 09:57:18 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has observed that appointment of BSR & Associates, part of KPMG India network, as the auditor of IL&FS Financial Services Ltd (IFIN) was illegal and that the firm did not adhere to standards of auditing while scrutinising the accounts. NFR...

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NFRA bars another Auditor for 5-years, slaps Rs 15 lakh fine in IL&FS case
Posted Date : 30-Jul-2020 , 09:42:41 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18. The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in t...

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NFRA bars former Deloitte head from audit for 7 years over lapses at IL&FS
Posted Date : 23-Jul-2020 , 09:36:33 am | Posted By CASANSAAR

The National Financial Regulatory Authority (NFRA) has barred former Deloitte Haskins and Sells LLP chief Udayan Sen from auditing for seven years and imposed a monetary penalty of Rs.25 lakh for auditing lapses at Infrastructure Leasing & Financial Services Ltd (IL&FS). The watchdog has fou...

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NFRA begins DHFL Audit, asks for FY18 documents
Posted Date : 19-May-2020 , 09:52:14 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has started an audit of Dewan Housing Finance Corp. Ltd (DHFL) and has reached out to the company’s administrator for documents, a person aware of the development said. According to the person quoted above, the NFRA, an independent regulator...

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NFRA to rope in consultants for audit report review and other allied work
Posted Date : 25-Dec-2019 , 08:35:23 am | Posted By CASANSAAR

Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review. Consultants — mainly chartered accountants -- are mainly proposed to be hired for a period of one year (on contract basis) to assist National Fi...

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NFRA gets own address after long wait
Posted Date : 28-Nov-2019 , 08:36:57 am | Posted By CASANSAAR

It took almost a year but India’s premier audit and accountancy regulatory body — the National Financial Reporting Authority (NFRA) — has finally found its own address. After camping in make-shift offices, it shifted to a upmarket central Delhi building just a few months ago tha...

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Government starts hiring process for NFRA
Posted Date : 29-Oct-2019 , 10:43:11 am | Posted By CASANSAAR

The Government has started process to hire people for the National Financial Reporting Authority (NFRA), a senior official said. The independent watchdog for the auditing profession is looking into alleged accounting issues at IL&FS and Infosys, following directives from the government. Th...

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NFRA to cover Public Sector Banks' Auditors too
Posted Date : 19-Sep-2019 , 09:45:31 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has made it clear that it has oversight powers on the auditors of nationalised banks (public sector banks) as well. There was a contention that PSBs don't fall within the definition of 'banking companies' under the NFRA rules and, ther...

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Auditors will have to file annual reports to NFRA
Posted Date : 04-Sep-2019 , 08:31:10 am | Posted By CASANSAAR

Auditors of companies overseen by the National Financial Reporting Authority (NFRA) will need to disclose their findings separately as the government looks to address audit-related concerns and step up transparency.  The government is set to notify a new form that will require auditors to fi...

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NFRA seeks documents from auditors in IL&FS probe
Posted Date : 15-Jun-2019 , 07:48:31 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at Infrastructure Leasing and Financial Services (IL&FS) after taking over the job from the Institute of Chartered Accountants of India (ICAI)...

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NFRA to hire finance professionals on contract basis
Posted Date : 01-May-2019 , 09:12:17 am | Posted By CASANSAAR

The National Financial Reporting Authority plans to hire up to ten chartered accountants and company secretaries on contractual basis, according to an official release. The applicant should be a qualified chartered accountant (CA) or cost accountant or company secretary (CS) having passed the fin...

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NFRA probing role of EY, KPMG and Deloitte in IL&FS case
Posted Date : 17-Apr-2019 , 12:18:17 pm | Posted By CASANSAAR

The newly formed regulator for auditors is probing the role of three of the big four auditors in the alleged financial irregularity in Infrastructure Leasing & Financial Services and two of its group companies.  National Financial Reporting Authority (NFRA) has asked Indian arms of EY, K...

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Nine members appointed in Appellate Authority to handle cases against CA, CS
Posted Date : 19-Mar-2019 , 04:05:13 am | Posted By CASANSAAR

Even as an increasing number of complaints flood in concerning professional misconduct by chartered accountants (CA), company secretaries (CS) and cost accountants, the government has appointed a nine-member Appellate Authority to hear such cases. The new members include Anand Mohan Bajaj, Joint Sec...

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NFRA to replace ICAI as regulator over Auditors
Posted Date : 19-Nov-2018 , 11:04:50 am | Posted By CASANSAAR

The Centre has notified the National Financial Reporting Authority (NFRA) rules, depriving the CA Institute of its regulatory and disciplinary powers over auditors of listed entities and large unlisted companies besides banks and insurance companies. The Ministry of Corporate Affairs has made NFR...

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NFRA Rules Notified - NFRA to Scrutinise Listed and Large Unlisted Companies
Posted Date : 15-Nov-2018 , 01:07:19 pm | Posted By CASANSAAR

  Five years after the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority, an audit super regulator of sorts, the government has taken a step towards its creation. The Ministry of Corporate Affairs has notified rules determining the jurisdiction,...

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NFRA necessary reform, needs to be strengthened - Expert panel
Posted Date : 01-Nov-2018 , 09:38:32 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) is a necessary institutional reform to align the Indian audit landscape with the global position and the authority should be strengthened to address challenges in relation to auditors, audit firms and networks operating in India, a government-appoint...

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NFRA to look into IL&FS Auditor's role
Posted Date : 04-Oct-2018 , 08:24:41 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA), the newly-constituted independent regulator for the auditing profession, will look into the role of auditors for the serious lapses at IL&FS and whether they colluded with the Board to hide information. On Wednesday, Rangachari Sridharan took...

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Rangachari Sridharan appoints as first chief of NFRA
Posted Date : 28-Sep-2018 , 10:15:03 pm | Posted By CASANSAAR

Former IAS officer Rangachari Sridharan appointed as the first chief of National Financial Reporting Authority (NFRA), according to an official order. Sridharan, a 1983 batch (retired) IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumb...

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Consultation process on for finalising NFRA technical rules
Posted Date : 14-Sep-2018 , 09:27:06 am | Posted By CASANSAAR

The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (NFRA), Union minister P P Chaudhary has said. Besides, the Corporate Affairs Ministry is processing applications received for the posts of chairperson and full-time members at the re...

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Constitutional validity of NFRA challenged in Madras High Court
Posted Date : 04-Aug-2018 , 07:54:39 am | Posted By CASANSAAR

The constitutional validity of the Centre’s proposed National Financial Reporting Authority (NFRA) which will replace the Institute of Chartered Accountants in India (ICAI) and wield penal and civil power over the practising CAs has been challenged in Madras high court. A division bench of ...

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Auditors may have to compulsorily get registered with NFRA
Posted Date : 04-Jul-2018 , 09:40:30 am | Posted By CASANSAAR

Mandatory registration of auditors, powers to probe irregularities as well as recommend accounting and auditing standards are among the functions likely to be vested with the National Financial Reporting Authority (NFRA), according to sources. The Corporate Affairs Ministry has floated an initial...

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ICAI may lose powers if draft rules to set up NFRA are approved
Posted Date : 03-Jul-2018 , 08:51:15 am | Posted By CASANSAAR

The draft rules for establishing a new body to oversee auditing and accounting standards under the National Financial Regulatory Authority (NFRA) will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking...

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NFRA will become a reality very soon
Posted Date : 16-Jun-2018 , 07:19:49 pm | Posted By CASANSAAR

The proposed auditors’ watchdog, National Financial Reporting Authority (NFRA), will soon become a reality and is expected to be set up in the next two months, a senior government official said. The Cabinet approved the proposal of setting up of NFRA as an independent regulator for the char...

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