Govt committed to further strengthening of NFRA

New Delhi: The government on Saturday said it is committed to further strengthening the functioning of National Financial Reporting Authority (NFRA).

NFRA is an independent regulator for the auditing profession under Ministry of Corporate Affairs.

Speaking at an event organised by NFRA as a part of Azadi Ka Amrit Mahotsav (AKAM) celebrations, Ministry of Corporate Affairs Secretary Rajesh Verma said,"We need to see what more needs to be done to strengthen NFRA to enable it to discharge its duties effectively" as well as strengthen the mandates of protecting the public interests.

"The government is continuously focused on further strengthening NFRA and in the process we are also looking into the recommendations of the Company Law Committee with regard to financial and operational autonomy of NFRA," he added. He also traced the evolution of NFRA, which came into existence in October 2018.

He, further, said NFRA is required to protect public interest and the interests of investors, creditors and others associated with the companies by establishing high quality standards of accounting and auditing and exercising effective oversight of accounting functions performed by companies and auditing functions performed by auditors.

Meanwhile, NFRA Chairman Ajay Bhushan Prasad Pandey stressed on the need of exploiting technology and data to bring in efficiency at the independent regulatory body.