MCA vide its notification dated 13th November 2018 notified National Financial Reporting Authority (NFRA) Rules 2018
Key aspects specified by the NFRA rules are Classes of companies and bodies corporate governed by the NFRA Authority, Functions and duties of the NFRA Authority, Annual return, Recommending accounting standards and auditing standards, Monitoring and enforcing compliance with accounting standards and auditing standards, Overseeing the quality of Audit service and suggesting measures for improvement, Power to investigate .
The rules also mandated that every auditor shall file a return with the Authority on or before 30th April every year in such form as may be specified by the Central Government and every companies shall file the details of auditors in NFRA Form 1 within thirty days from the date of implementation of the Rules
