Quick Summary
The Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, has sought detailed written responses from the Ministry of Corporate Affairs (MCA) regarding the functioning of the National Financial Reporting Authority (NFRA), India's sole independent audit regulator. The committee's scrutiny, part of discussions on the Demands for Grants for 2025-26, aims to assess NFRA's budgetary allocations, impact on audit quality, and overall regulatory effectiveness. Examining Budgetary Alloca
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FAQ :
The Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, is scrutinising the NFRA.
The committee is assessing NFRA's budgetary allocations, its impact on audit quality, and its overall regulatory effectiveness.
The committee has noted budget fluctuations, including a downward revision in FY 2023-24, and is seeking clarification on the reasons and actual expenditure. They are also examining the justification for a proposed budget increase for 2025-26.
The committee has sought data on orders issued against firms for audit lapses, the impact of NFRA's interventions on audit quality, and measurable improvements in financial reporting.
The committee is looking into NFRA's mechanisms for monitoring compliance, steps for corrective measures, and planned enforcement strategies for audit quality issues.
Yes, the committee is conducting a comparative analysis between NFRA and the Institute of Chartered Accountants of India (ICAI) to assess their regulatory approaches and potential overlapping responsibilities.
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