Union Cabinet clears setting up of NFRA to oversee auditors

Posted on:02 Mar 2018 11:21:20
Union Cabinet clears setting up of NFRA to oversee auditors
02 March 2018 Current Affairs: The Union Cabinet approved the establishment of National Financial Reporting Authority (NFRA). 

Briefing media in New Delhi yesterday, Finance Minister Arun Jaitley said, the NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act 2013. 

The jurisdiction of NFRA for investigation of Chartered Accountants and their firms will be extended to the listed companies and large unlisted public companies. 

The Cabinet also gave nod to the Fugitive Economic Offenders Bill - 2018 to deal with those escaping overseas to avoid getting caught. 

The Bill will help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian Courts. 

The economic offenses worth 100 crore rupees or more will come under the purview of the Bill.

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