NFRA to get powers to probe firms

NFRA proposed apex body for accounting and auditing standards,will have powers to probe and review audits of companies.

The National Financial Reporting Authority (NFRA),the proposed apex body for accounting and auditing standards,will have powers to probe and review audits of companies,including those which have securities listed outside India. NFRA would be a quasi-judicial body under the new Companies Act. It would be responsible for monitoring,compliance review and overseeing quality of service with regard to accounting and auditing standards.

The penalties on audit firms by NFRA can be very severe,and includes debarment for a maximum period of 10 years, Dolphy Dsouza,Partner in a member firm of Ernst & Young Global,said.

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