The Institute of Chartered Accountants of India V/S National Financial Reporting Authority

  • Shrihari Karanth Research Scholar, Department of Studies in Commerce, Davangere University, INDIA
  • Dr. Srinivas K. T. Associate Professor & Chairperson, Department of Studies in Commerce, Davangere University, INDIA
Keywords: Institute of Charted Accountants (ICAI), National Financial Reporting Authority (NFRA), Central Government

Abstract

In India traditionally accounting and audit related standards are regulated by The Institute of Chartered Accountants of India (ICAI). The ICAI was established to set a code of conduct that needs to be followed by all the professional accounting practitioners including auditing firms. ICAI working as an autonomous institution under Government of India, but Government has set up another regulatory body calledNational Financial Reporting Authority (NFRA)over ICAI for recommendations to the Central Government on formulating high-quality accounting standards and auditing polices, which mandatorily adapt by companies or auditors. NFRA is given complete power to regulate &control audit practices. Howeverone can observe that there are two equivalent organisation operating with the same objective which may create more bureaucratic hurdles in the system.

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References

Vashisht Amresh. (2018) NFRA- Stunned ICAI members. Available at: https://www.google.com/amp/s/taxguru.in/chartered-accountant/nfra-stunned-icai-members.html%3famp.

Phadanis Janhavi. (2018). NFRA or ICAI: Who is the ultimate authority?. Available at: https://www.google.com/amp/s/financepost.in/nfra-or-icai-who-is-the-ultimate-authority/amp/.

Business world. (2019). The national financial reporting authority- A case of new audit governance in India. Available at: https://www.google.com/amp/www.businessworld.in/amp/article/The-National-Financial-Reporting-Authority-NFRA-A-case-Of-New-Audit-Governance-In-India-/23-02-2019-167457/.

Ministry of Corporate Assets Notifications. (2018). The Gazette of India Regd. No. D.L.-33004/99 date 13/11/2018.

Published
2020-12-31
How to Cite
Shrihari Karanth, & Dr. Srinivas K. T. (2020). The Institute of Chartered Accountants of India V/S National Financial Reporting Authority. International Journal of Engineering and Management Research, 10(6), 141-143. https://doi.org/10.31033/ijemr.10.6.19