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The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Financial Reporting Authority (NFRA) recommend these standards to the Ministry of Corporate Affairs (MCA). MCA has to spell out the accounting standards applicable [1] for companies in India. As on date MCA has notified 40 Ind ...
The standards are designed to be helpful for banks, regulators, corporate entities, and enforcement agencies such as the Economic offense Wing, Enforcement Directorate, Serious Fraud Investigation Office, Central Bureau of Investigation and Reserve Bank of India (RBI) and users of these reports on standardising the activities and to highlight ...
National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. [1] It was formed in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey. [2]
It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. [5] In India, accounting standards and auditing standards are recommended by the National Financial Reporting Authority (NFRA) to ...
The CAG is also the head of the Indian Audit and Accounts Department, the affairs of which are managed by officers of Indian Audit and Accounts Service, and has over 45,000 employees across the country. [citation needed] The CAG is ranked 9th and enjoys the same status as a judge of Supreme Court of India in Indian order of precedence.
Most countries that have adopted the International Standards on Auditing (ISAs) still retain the national auditing standards setting body to enact the international standards in their country. International International Auditing and Assurance Standards Board [19] (IAASB) of the International Federation of Accountants (IFAC).
Auditing, Review and Other Standards (formerly known as AAS) are the standards issued by Institute of Chartered Accountants of India. [1] Companies Act 2013 mandate the auditors to comply with auditing standards. [2]
Indian Audit and Accounts Service; Service overview: IAAS logo: Formed: 1860; 165 years ago () Headquarters: Pocket-9, Deen Dayal Upadhyaya Marg, New Delhi - 110124: Country India: Training: National Academy of Audit & Accounts, Yarrows, Shimla [1] [2] Controlling Authority: Comptroller and Auditor General of India: Legal personality ...