Why in news
- National Financial Reporting Authority (NFRA) constituted an Advisory Committee on Audit Quality, Assurance and Technology.
Key terms
Audit Quality Assurance
Systematic evaluation of statutory audit procedures to ensure compliance with auditing standards and independence.
What is the NFRA?
- Independent regulator established under Section 132 of the Companies Act, 2013 to oversee accounting and auditing standards.
- Monitors and enforces compliance with accounting and auditing standards by listed companies and large unlisted public companies.
Key details of the Advisory Committee
- Constituted in accordance with Rule 15 and Rule 16 of the NFRA Rules, 2018.
- Mandated to advise NFRA on measures required to improve audit quality, integrate technology in assurance, and enhance awareness of auditing standards.
- Comprises multi-stakeholder experts including CFOs, Audit Committee members, independent directors, technology specialists, and regulators.
Why it matters
- Strengthens corporate governance framework by enhancing financial reporting integrity and statutory audit quality.
Prelims facts
- NFRA is a statutory body under Section 132 of Companies Act, 2013.
Mains discussion
- Role of independent regulators in restoring investor confidence and improving corporate governance.
Source: PIB
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UPSC has asked this before
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