NFRA for Single Stakeholders – Advisory Body
♦ It is an independent regulatory authority that oversees the accounting standards and auditing profession in India in accordance with the 2013 Companies Act.
♦ It was established in October 2018.
♦ NFRA is responsible for recommending accounting and auditing policies and requirements in the country, undertaking investigations, and imposing sanctions towards defaulting auditors and audit companies in the form of monetary penalties and practice debarment for up to ten years.
♦ It can even investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI) against legal entities or individuals of specified categories.
♦ It consists of 1 chairman, 3 full-time members & 1 secretary.