NFRA to have power to impose penalty on audit firms

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..... NFRA to have power to impose penalty on audit firms
News and Press Release
Dated:- 6-3-2018

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of t .....

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..... he Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure fo .....

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..... r taking necessary disciplinary action against audit firms (on the lines of such procedure for individual members) and imposition of penalties on audit firms. Section 132 of the Companies Act, 2013 pr .....

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..... ovides for constitution of the National Financial Reporting Authority (NFRA) and sub- section (4) thereof confers powers on NFRA, for imposition of penalties on audit firms. This was stated by Shri P. .....

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..... P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today.
News - Press release - PIB .....

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