Finology
Finology

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

NFRA to have power to impose penalty on audit firms

Posted on 07 March 2018,    
 2019 Views   Share Report

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the 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 for 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 provides 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.P. Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today.

Tags :  


Comments

Popular News




Follow taxation Exam20 Book Book

Browse by Category






img