• 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

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    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.