thanx for sharing...

Yes, I think the ICAI President Mr. Subodh Kumar Agarwal is right.

According to Sachin Pilot, minister of corporate affairs (MCA), ICAI and NFRA will "co-exist". "It (NFRA) will be an overarching authority, with a larger canvas to operate," he told ET over telephone. "NFRA will be a nodal agency for financial reporting with quasi-judicial powers and the powers to suspend auditors." He added the division of work between ICAI and NFRA would be spelt out after the Companies Bill is passed in Parliament.

Notably, the NFRA will have the power to act against audit firms. This is a step up over the ICAI, which can suspend individuals, but not a firm. This separation is perceived to be a failing of the ICAI, as was exposed in recent cases of accounting frauds.

The bill says the NFRA will be headed by a person "of eminence and having expertise in accountancy, auditing, finance or law" and will be appointed by the Central government; there will be up to 15 full-time and part-time members.

Further, the chairperson and fulltime members cannot be associated with any audit firm (including related consultancy firms) during their tenure and till two years after demitting office. "We can have a mix of people from both government and private sectors in running these bodies," says Pilot.

Dear if you are not in support of NFRA as proposed in new companies then probably you are not against all ill things like corruption and else.

The only thing through which we can curb corruption is to have a parallel body against all top institutions.

There should be someone who watch these watchdogs. Peer audit is not a measure.

This is only my perception and opinion.