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National Financial Reporting Authority (NFRA) - Section 132
National Financial Reporting Authority (NFRA) - Section 132
By:
CA Kamal Garg
[B. Com (H), FCA, DISA (ICAI)]
Insolvency Professional
Notwithstanding anything
Constitution of NFRA
contained in any other law for the
time being in force
Powers of NFRA
Power to investigate – Section 132(4)(a)
When • suo motu or
• on a reference made to it by the CG
Who and How – to such class of bodies corporate or persons, in
be investigated such manner as may be prescribed – NFRA
Rules notified on 13th November, 2018
Matters – to be professional or other misconduct committed by
investigated any member or firm of chartered accountants
Stay no other institute or body shall initiate or
continue any proceedings in such matters of
misconduct where the NFRA has initiated an
investigation under this section
Power to investigate – Section 132(4)(b)
Same powers as • discovery and production of books of account
are vested in a civil and other documents, at such place and at
court such time as may be specified by NFRA;
as an auditor of a as an auditor of a
company or a body company or a body
corporate under section corporate under any
139 of the Companies other Act for the time
Act, 2013; or being in force
Compliance Requirements
• Existing body corporate other than a company governed by
these rules – File Form NFRA-1 within 30 days;