NFRA clears 40 audit rules in spite of ICAI objections
Nov 12, 2024 · The National Financial Reporting Authority (NFRA) approved 40 audit standards, aligning several with global norms despite objections from the Institute of Chartered Accountants of India. This decision reinforces NFRA's authority over audit standard setting, potentially ending ICAI's attempts to reclaim lost powers.
NFRA in News | National Financial Reporting Authority | India
Oct 19, 2024 · NFRA in News; Title Date View / Download; NFRA Chairperson, Dr Ajay Bhushan Prasad Pandey talked about aligning national standards with global norms: 19/10/2024
NFRA flags deficiencies in BSR & Co's audit of related party ...
4 days ago · Home / Companies / News / NFRA flags deficiencies in BSR & Co's audit of related party transactions. ... NFRA also flagged the lack of a documented business rationale for the investment, suggesting the funds were effectively diverted for personal use by the promoter. Further, the inspection highlighted that the arrangement likely violated ...
Latest global audit norm adoption on regulators' table to upgrade ...
Aug 20, 2024 · The National Financial Reporting Authority (NFRA) is set to hold a meeting next week with key financial regulators, including the Reserve Bank of India, the Securities and Exchange Board of India (Sebi), and the Institute of Chartered Accountants of India (ICAI), and the Ministry of Corporate Affairs to adopt the revised International Standard ...
NFRA at six: Top auditors urge stronger engagement and tech use …
Oct 1, 2024 · As the NFRA marks six years of enhancing audit quality in India, top auditors call for stronger governance engagement, technological adoption, and a remedial approach. On October 1, 2024, the National Financial Reporting Authority (NFRA), India’s independent audit watchdog, marked six years of its establishment.
NFRA penalises Deloitte Haskins & Sells LLP, 2 auditors for lapses …
4 days ago · The NFRA has fined Deloitte Haskins & Sells LLP and penalized two chartered accountants for auditing lapses with Zee Entertainment Enterprises Ltd during the financial years 2018-19 and 2019-20. The auditors failed to report unauthorized financial transactions involving fixed deposits and guarantees. The penalties include monetary fines and debarment from audit work for several years.
NFRA board proposes new audit regime in India from April 2026
Nov 12, 2024 · The National Financial Reporting Authority (NFRA) proposes a new accounting regime for India, aligning auditing standards with global norms. While largely agreeing with the Institute of Chartered Accountants of India (ICAI), NFRA's push for principal auditor accountability in group audits and classifying quality management standards as auditing ...
Press Release | National Financial Reporting Authority | India - NFRA
Apr 27, 2023 · NFRA finalises and recommends Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021: 26/11/2024
NFRA slaps a penalty of Rs 2 crore on Deloitte Haskins for ZEEL …
4 days ago · The National Financial Reporting Authority (NFRA) on Tuesday slapped a penalty of Rs 2 crore on Deloitte Haskins & Sells LLP and total penalty of Rs 15 lakh on two chartered accountants (CAs) for professional misconduct in connection with the audit of Zee Entertainment Enterprises (ZEEL) for the financial years FY19 and FY20.
NFRA On SA 600: Outdated SA 600 poses risk of future corporate …
Oct 4, 2024 · NFRA On SA 600: In an exclusive interview with ETCFO, R. Narayanaswamy, part-time member of NFRA, discusses the legal framework for auditing standards, challenges to NFRA’s authority, the power dynamics between NFRA and ICAI, and the need for accountability in financial reporting.