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National Financial Reporting Authority Quiz

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Question 1

The Union Cabinet has recently approved the proposal for establishment of National Financial Reporting Authority (NFRA) to strengthen the independence of audit firms and foster public confidence in financial disclosures of companies. Which of the following statements are correct regarding National Financial Reporting Authority (NFRA):
1) NFRA will be independent regulator under Companies Act, 2013
2) The jurisdiction of the NFRA will extend to listed companies only.
3) NFRA will be 15 members body, consisting of Chairperson, three full-time Members.
Select the correct answer using the code given below:

Question 2

Which of the following statements is/are not correct with reference to financial reporting?

Question 3

Who has been appointed as the Chairman of the Technical Advisory Committee (TAC) of the National Financial Reporting Authority (NFRA)?

Question 4

Which of the following are the functions of the National Financial Reporting Authority?

1) Recommending accounting and auditing policies and standards to be adopted by companies.

2) Oversee the quality of service of the professions associated with financial reporting.

3) Monitoring and enforcing compliance with accounting standards and auditing standards.

Select the correct answer from the given code below:

Question 5

The Union Cabinet has approved the proposal for establishment of ‘National Financial Reporting Authority’ for which of the following objective?
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Jan 31PO, Clerk, SO, Insurance