TaxTMI 
TaxTMI 
TaxTMI 
Independent Regulator for Auditors
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....ndependent Regulator for Auditors <br>News and Press Release<br>Dated:- 5-12-2012<br><BR>Press Information Bureau Government of India Ministry of Corporate Affairs 04-December-2012 20:29 IST The Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 had recommended that the National Advisory Committee on Accounting and Auditing Standard....
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....s (NACAAS), proposed in the Companies Bill, 2009, be institutionalized not only as a body for setting up auditing standards but also as a quasi-regulatory body for generally supervising the quality of audit undertaken. Giving this information in written reply to a question in the Rajya Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that keeping in view the recommendation, the provis....
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....ions of clause 132 of the Companies Bill, 2011 provides for constitution of National Financial Reporting Authority (NFRA) to- (i) make recommendations on the formulation and laying down of accounting and auditing policies and standards; (ii) monitor and enforce the compliance with such standards; (iii) oversee the quality of service of the relevant professions and suggest measures required ther....
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....eto and (iv) take necessary action in certain cases against professional misconduct against chartered accountants. Shri Pilot also informed the House that a report titled "Corporate Governance in India from Policies to Reality" brought out by Indian Institute of Corporate Affairs (IICA) recommends an independent regulator for auditors. ------------------------ KKP<BR> News - Press release - PI....
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