Introduction
The Ministry of Corporate Affairs vide its
notification1 dated 13.11.2018 notified the National
Financial Reporting Authority Rules, 2018 ("NFRA
Rules") with an objective of strengthening the audit
of companies by constituting an independent regulator namely the
National Financial Reporting Authority
("Authority"). The Authority has the
power to monitor and enforce compliance with accounting standards
and auditing standards, oversee the quality of service or undertake
investigation of auditors of certain class of companies and bodies
corporate.
Applicability
In pursuant of Rule 3 (1) of the NFRA Rules, the class of
companies or bodies corporate that will be governed by the NFRA
Rules are:
