Cabinet approves new body to regulate auditing : NFRA

Cabinet approves new body to regulate auditing : NFRA

Cabinet finally approves new body to regulate auditing and accounting in INDIA NFRA (National Financial Reporting Authority). On 1st March 2018, Finance Minister Arun Jaitley  said that the government of India has also decided to set up an independent body NFRA (National Financial Reporting Authority) to pause big scams and avoid current like situations in future. For the purpose the government will soon amend the Companies Act 2013.

It would act as a watchdog for auditing and accounting profession and once set up, the current powers of the ICAI to act against defaulter chartered accountants will be transferred to  the new regulator. This will be huge blow to the ICAI, who is till now the supreme power to deal with such situations. The current decision of government comes in situation when big bank frauds comes in lime light and role of auditors are also in question

Jaitley who was briefing the media said that once the FEO Bill becomes an act it will deal with only large cases of economic offences in which Rs 100 crore or more money was involved in a fraud. He also said that the setting up of NFRA was a follow-up exercise of the announcements he  made in the Union Budget 2017-18 about the same.

As per Sec. 132 of the Companies Act, 2013, NFRA will have powers to impose less than INR one lakh fine and the amount of that can be extend up to 5 times of the fees received in case of individuals. For firms, the minimum penalty would be INR ten lakh and could go up to 10 times of the fees received, according to the Companies Act.

The Institute of Chartered Accountants of India (ICAI) has not been in favour of setting up of the NFRA for obvious reasons. Tell us your views about setting up NFRA in commments below.


Admit cards for the november 2014 examination for CA CPT, CA IPC & CA FINAL are out for download officially announced by the ICAI. Generally hard copy of admit cards will reach to your doorstep almost 7 days before your exams. But you don’t have to wait so long. You can see and download the same from online.

STEP 1 :- Go to ICAI WEBSITE  from link given below at the end of this post.


STEP 2 :- Fill necessary fields

For downloading/printing of the admit cards, candidates will have to enter the following details on the site:

  • Student registration number or bar code number printed on the examination form
  • Personal Identification Number (PIN)

PIN is the four digit number of the candidate’s choice entered by him/her the relevant column in the examination form.


STEP 3 :- See your basic information and then click on continue button as shown in below picture


STEP 4 :- Tada! your admit card is here. From this page you cans save the same or directly download the same.


To download admit card go to ICAI WEBSITE from here download admit card


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