• Register
Return to: Home > News > NFRA to emulate PCAOB to boost audit transparency in India

NFRA to emulate PCAOB to boost audit transparency in India

Authorities in India are increasing their efforts to improve audit transparency. The latest move will see auditors overseen by the National Financial Reporting Authority (NFRA) being required to disclose their findings separately, reports Economic Times.

The NFRA itself is a relatively new creation, being created by cabinet decree issued in March 2018 and becoming operational in October last year. The NFRA was set up to be an independent regulator for the auditing profession, one of the key changes brought in by the Companies Act, 2013.

The jurisdiction of NFRA for investigation of chartered accountants and their firms under section 132 of the Act extends to listed companies and large unlisted public companies with a paid-up capital of INR 5bn or more, or a turnover of INR 10bn or more, or loans, debentures and deposits of INR 5bn or more, as well as public interest entities in banking, insurance and power.

The latest proposal would see the institution of disclosure forms for adverse comments and observations similar to those required in the US by the Public Company Accounting Oversight Board.

Top Content

    HONG KONG NATIONALS: UNDERSTANDING VISA AND TAX WHEN MOVING TO THE UK

    Over 2 million Hong Kongers learned recently that they may soon be offered a route to UK citizenship following China’s introduction at the end of June of its controversial Security Law in the territory.

    read more

    SASB IMPLEMENTATION SERIES: COMMUNICATING ESG TO MAINSTREAM INVESTORS

    As part of a series of webinars, the Sustainability Accounting Standards Board (SASB) took a closer look at how to communicate ESG initiatives and progress to mainstream investors

    read more

    REPORTING AND COMPLIANCE: WHY WE NEED A DATA REVOLUTION

    Commerce no longer adheres to national boundaries: the largest international organisations to the smallest businesses operate in a global market. However, rules for corporate reporting and compliance do adhere to borders, write IMA’s Jeff Thomson and Liv A Watson

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.