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of <h1>NFRA's power to set and enforce accounting/auditing standards, investigate CA misconduct, and impose penalties u/s 132 upheld.</h1> Section 132 empowers constitution of the National Financial Reporting Authority to deal with accounting and auditing standards under the Act, and requires it to discharge functions through prescribed divisions, including an executive body for efficient performance, with division leadership by the Chairperson or an authorised full-time Member. It mandates NFRA to recommend accounting and auditing policies and standards, monitor and enforce compliance, and oversee and improve the quality of services of professions involved in such compliance, with consequential regulatory supervision over specified companies, auditors and related professionals. It vests NFRA with exclusive investigatory jurisdiction into professional or other misconduct by chartered accountants and firms, civil-court powers for evidence gathering, and authority to impose monetary penalties and debarment from audit, internal audit, and valuation work, subject to appeal to the Appellate Tribunal.
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