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Consider the following statements:
1. National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 2013
2. NFRA account is monitored by the Comptroller and Auditor General of India.
3. NFRA cannot undertake investigation of companies which are listed on any stock exchange.
Which of the statements given above is/are correct ?
- a)2 and 3 only
- b)1 and 2 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements:1. National Financial Reporting Auth...
- National Financial Reporting Authority (NFRA) was constituted in 2018 by the Government of India under section 132 (1) of the Companies Act, 2013. It is an audit regulator. Hence, statements 1 is correct.
- NFRA account is monitored by the Comptroller and Auditor General of India. Hence, statement 2 is correct.
- NFRA can undertake investigation related to the companies whose securities are listed on any stock exchange in India or outside India. Hence, statement 3 is not correct.
Most Upvoted Answer
Consider the following statements:1. National Financial Reporting Auth...
Introduction:
The National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 2013. It is an independent regulator that oversees the auditing and accounting standards of companies in India. In this question, we need to determine the correct statements about NFRA.
Statement 1: National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 2013.
This statement is correct. NFRA was indeed constituted under the Companies Act, 2013. It was established to address the need for an independent regulatory body to oversee the quality of financial reporting and audit practices in the country.
Statement 2: NFRA account is monitored by the Comptroller and Auditor General of India.
This statement is incorrect. The NFRA account is not monitored by the Comptroller and Auditor General of India (CAG). NFRA operates independently and is not under the purview or control of the CAG. It functions autonomously to regulate and oversee financial reporting and auditing standards.
Statement 3: NFRA cannot undertake investigation of companies which are listed on any stock exchange.
This statement is correct. NFRA does not have the authority to undertake investigations of companies listed on any stock exchange. Its primary role is to regulate auditors and accounting firms, and it can investigate only those companies that are unlisted or not covered by any regulatory body.
Conclusion:
In conclusion, statement 1 is correct as NFRA was constituted under the Companies Act, 2013. Statement 2 is incorrect as the NFRA account is not monitored by the Comptroller and Auditor General of India. Statement 3 is correct as NFRA cannot undertake investigations of companies listed on any stock exchange. Therefore, the correct answer is option 'B' - 1 and 2 only.
The National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 2013. It is an independent regulator that oversees the auditing and accounting standards of companies in India. In this question, we need to determine the correct statements about NFRA.
Statement 1: National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 2013.
This statement is correct. NFRA was indeed constituted under the Companies Act, 2013. It was established to address the need for an independent regulatory body to oversee the quality of financial reporting and audit practices in the country.
Statement 2: NFRA account is monitored by the Comptroller and Auditor General of India.
This statement is incorrect. The NFRA account is not monitored by the Comptroller and Auditor General of India (CAG). NFRA operates independently and is not under the purview or control of the CAG. It functions autonomously to regulate and oversee financial reporting and auditing standards.
Statement 3: NFRA cannot undertake investigation of companies which are listed on any stock exchange.
This statement is correct. NFRA does not have the authority to undertake investigations of companies listed on any stock exchange. Its primary role is to regulate auditors and accounting firms, and it can investigate only those companies that are unlisted or not covered by any regulatory body.
Conclusion:
In conclusion, statement 1 is correct as NFRA was constituted under the Companies Act, 2013. Statement 2 is incorrect as the NFRA account is not monitored by the Comptroller and Auditor General of India. Statement 3 is correct as NFRA cannot undertake investigations of companies listed on any stock exchange. Therefore, the correct answer is option 'B' - 1 and 2 only.
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Consider the following statements:1. National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 20132. NFRA account is monitored by the Comptroller and Auditor General of India.3. NFRA cannot undertake investigation of companies which are listed on any stock exchange.Which of the statements given above is/are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements:1. National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 20132. NFRA account is monitored by the Comptroller and Auditor General of India.3. NFRA cannot undertake investigation of companies which are listed on any stock exchange.Which of the statements given above is/are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 20132. NFRA account is monitored by the Comptroller and Auditor General of India.3. NFRA cannot undertake investigation of companies which are listed on any stock exchange.Which of the statements given above is/are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. National Financial Reporting Authority (NFRA) was constituted under the Companies Act, 20132. NFRA account is monitored by the Comptroller and Auditor General of India.3. NFRA cannot undertake investigation of companies which are listed on any stock exchange.Which of the statements given above is/are correct ?a)2 and 3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
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