TMI BlogConstitution of National Financial Reporting AuthorityX X X X Extracts X X X X X X X X Extracts X X X X ..... entral Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be; ( b ) monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed; ( c ) 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 ( d ) perform such other functions relating to clauses (a), (b) and (c) as may be prescribed. (3) The National Financial Reporting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time being in force, the National Financial Reporting Authority shall- ( a ) have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949 (38 of 1949): Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section; ( b ) have the same powers as are vested in a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod of six months or such higher period not exceeding ten years as may be determined by the National Financial Reporting Authority. ] Explanation.-For the purposes of this sub-section, the expression professional or other misconduct shall have the same meaning assigned to it under section 22 of the Chartered Accountants Act, 1949 (38 of 1949). (5) Any person aggrieved by any order of the National Financial Reporting Authority issued under clause (c) of sub-section (4), may prefer an appeal before 2 [the Appellate Tribunal in such manner and on payment of such fee as may be prescribed.] 3 [***] (10) The National Financial Reporting Authority shall meet at such times and places and shall observe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a full account of its activities during the financial year and forward a copy thereof to the Central Government and the Central Government shall cause the annual report and the audit report given by the Comptroller and Auditor-General of India to be laid before each House of Parliament. ********* Effective date for constitution of National Financial Reporting Authority (NFRA) notified as 1.10.2018 vide Notification S.O. 5099(E) . dated 1.10.2018 Effective date for sub-sections (2), (4), (5), (10), (13), (14) and (15) of section 132 notified as 24.10.2018 vide Notification No. S.O. 5385(E) dated 24-10-2018 ********************** Notes:- 1. Substituted vide The Companies (Amendment) Act, 2017 Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Central Government shall cause the annual report to be laid before each House of Parliament. 4. Inserted vide COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 15-08-2019 5. Inserted vide COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 15-08-2019 6. Substituted vide COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 15-08-2019 before it was read as (B) debarring the member or the firm from engaging himself or itself from practice as member of the institute for a minimum period of six months or for such higher period not exceeding ten years as may be decided by the National Financial Reporting Authority. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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