TaxTMI 
TaxTMI 
NFRA to have power to impose penalty on audit firms
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....FRA to have power to impose penalty on audit firms <br>News and Press Release<br>Dated:- 6-3-2018<br><BR>The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of th....
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....e 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....
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.... 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 pro....
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....vides 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....
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..... Chaudhary, Minister of State for Corporate Affairs and Law & Justice in the Rajya Sabha today.<BR> News - Press release - PIB....