TMI BlogConstitution of National Financial Reporting Authority.X X X X Extracts X X X X X X X X Extracts X X X X ..... auditors, as the case may be; (ii) monitor and enforce the compliance with accounting and auditing standards recommended by it in such manner as may be prescribed; (iii) oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of services and such other related matters as may be prescribed; and (iv) perform such other functions as may be prescribed. (3) The National Financial Reporting Authority shall consist of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance, business administration, business law, economics or similar disci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, (5 of 1908. ) while trying a suit, in respect of the following matters, namely: (a) discovery and production of books of account and other documents, at such place and at such time as may be specified by the National Financial Reporting Authority; (b) summoning and enforcing the attendance of persons and examining them on oath; (c) inspection of any books, registers and other documents of any person referred to in clause (b) at any place; (d) issuing commissions for examination of witnesses or documents; (iii) where professio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed. (6) The Central Government may appoint a secretary and such other employees as it may consider necessary for the efficient performance of functions by the National Financial Reporting Authority under this Act and the terms and conditions of service of the secretary and employees shall be such as may be prescribed. (7) The head office of the National Financial Reporting Authority shall be at New Delhi and the National Financial Reporting Authority may, meet at such other places in India as it deems fit. (8) The National Financial Reporting Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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