Regulatory oversight of accounting and auditing standards expanded, enabling investigations, penalties and debarment for professional misconduct. The National Financial Reporting Authority is constituted to recommend, monitor and enforce accounting and auditing standards, oversee professional quality of related services and perform prescribed functions through divisions and an executive body. NFRA consists of a chairperson and up to fifteen members with prescribed terms, conflict of interest declarations and post employment restrictions. It may investigate professional or other misconduct by chartered accountants or firms, exercise civil court powers for discovery, summons and inspection, and impose penalties and debarment from audit and valuation work; appeals lie to the prescribed Appellate Tribunal.
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Provisions expressly mentioned in the judgment/order text.
Regulatory oversight of accounting and auditing standards expanded, enabling investigations, penalties and debarment for professional misconduct.
The National Financial Reporting Authority is constituted to recommend, monitor and enforce accounting and auditing standards, oversee professional quality of related services and perform prescribed functions through divisions and an executive body. NFRA consists of a chairperson and up to fifteen members with prescribed terms, conflict of interest declarations and post employment restrictions. It may investigate professional or other misconduct by chartered accountants or firms, exercise civil court powers for discovery, summons and inspection, and impose penalties and debarment from audit and valuation work; appeals lie to the prescribed Appellate Tribunal.
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