"The NFRA will investigate matters of professional misconduct by chartered accountants and auditors. The authority is not intended to replace the disciplinary jurisdiction of the Institute of Chartered Accountants of India,"?finance minister Arun Jaitley said after the cabinet meeting on Thursday.
"A few thousand large firms will come under their jurisdiction and not all firms. The ICAI will function as they routinely perform," Jaitley said.
The Union cabinet has approved the creation of a National Financial Reporting Authority (NFRA) that would monitor and enforce compliance with accounting and auditing standards for listed companies and large unlisted companies.
"The NFRA will investigate matters of professional misconduct by chartered accountants and auditors. The authority is not intended to replace the disciplinary jurisdiction of the Institute of Chartered Accountants of India,"?finance minister Arun Jaitley said after the cabinet meeting on Thursday.
"A few thousand large firms will come under their jurisdiction and not all firms. The ICAI will function as they routinely perform," Jaitley said.
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