Question
Under which section of the Companies Act 2013 NFRA is
constituted? Refer to the following information to answer the next 4 questions (Q 19 to Q 21) A body constituted under the provisions of the Companies Act, 2013, established as an independent authority to regulate the auditing profession and the Indian Accounting Standards. The body is responsible for making recommendations regarding accounting and auditing standards. It also oversees the Quality of Service provided by the accounting and audit professions. It is expected that the body’s functioning would result in improved domestic and foreign investments, improved economic growth, assistance in the development of the audit profession and supporting the globalization of business through compliance with international practices. The aim of the Central Government in this regard appears to be: • Setting up of a separate and independent regulatory body to assist in the framing and enforcement of legislation relating to accounting & auditing and • Improving investor and public confidence in the financial reporting of an entity. The need for this authority arose as a response to various corporate scams in recent times. The body has the responsibilities to make recommendations on the foundation and laying down of accounting and auditing policies and standards, Monitor and enforce the compliance of the accounting standards and auditing standards, to oversee the quality of service of the professionals (such as auditors) and suggest measures required for improvement in the quality of service.Solution
The National Financial Reporting Authority (NFRA) was constituted on 01st October,2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013. To continuously improve the quality of all corporate financial reporting in India.
As soon as the TV set (A) / was installed, the quiet (B) / stillness that had existed in (C) / my aunt’s house had vanished. (D) / No Error (E)
1) His voice sounds strange
2) distant when he says this, and another
3) thrilling wave of terror mixed with
4) adrenaline course...
Find the part that contains an error. Choose E if there’s no error.
A. If the cooperative had diversified its income streams earlier,
...
The match was so much (A)/enjoyed by all concerned that (B)/it was unanimously agreed making (C)/this the first of a regular series (D).
Parts of the following sentence are given as options. Identify the segment that contains a grammatical error.
Mr. Bansal is the more methodical...
If sunlight will not come for days together, Â it will cause lot of health problems.
Things get really interesting when the plant changes their chemical profile.
Identify the segment that contains a grammatical error. If there is no error, select 'No error'.
Not only the performers but also the audience de...
Directions: In each of the questions, a sentence has been divided into four parts, one of which may contain an error. Identify that fragment and mark i...
As the demand for goods in (A) / Western economies come down, (B) / the region needs to look deeper (C) / within to grow markets and increase trade. (D...
