1. Faculty:- CMA R GOPAL MFM M.Phil., FCMA Practicing Cost Accountant
The Institute of Cost Accountants of India Erode Chapter NFRA RULES TH JANUARY SATURDAY p.m to 9.00 p.m.
Faculty:- CMA R GOPAL MFM M.Phil., FCMA
Practicing Cost Accountant

2. Chartered Accountants
Applicable to
Chartered Accountants

3. Not applicable to
CMA &
ACS

4. Companies act
132
Constitution of NFRA

5. NFRA consists 132 (3)
Chairman members (expertise in accountancy, auditing, finance or law)
Not be associated with any audit firm (including related consultancy firms)

6. initiated an investigation
Sec 132 (4) (a)
matters of professional or other misconduct committed by any member or firm of chartered accountants
initiated an investigation

7. Sec 132 (4) (b)
(i) discovery and production of books of account and other documents, at such place and at such time as may be specified by the National Financial Reporting Authority;
(ii) summoning and enforcing the attendance of persons and examining them on oath;
(iii) inspection of any books, registers and other documents of any person referred to in clause (b) at any place;
(iv) issuing commissions for examination of witnesses or documents

8. penalty
(I) not less than one lakh rupees, but which may extend to five times of the fees received, in case of individuals; and
(II) not less than ten lakh rupees, but which may extend to ten times of the fees received, in case of firms;

9. debarring the member or the firm
six months or for such higher period not exceeding ten years

10. Need for NFRA
banking frauds, the NPA crisis, Tax evasion

11. Which Companies Will Be Covered By NFRA
All Listed Companies/ Listed Body Corporate
All Banks/ Insurance/ Electricity Companies
Foreign Subsidiary/Associate company 
Unlisted Companies which
Paid up Capital is Rs. 500 Cr. or More; OR
Turnover is Rs Cr. or More; OR
AGGREGATE of Outstanding Loan, Debentures and Deposit is 500 Cr. or More.

12. Some Important Points:
Every existing body corporate other than a company governed by these rules, shall inform the Authority within thirty days of the commencement of these rules, in Form NFRA-1, the particulars of the auditor as on the date of commencement of these rules.

13. Additional points
Once a Company falls under the above limits under NFRA, will be covered by NFRA for 3 More years EVEN IF LIMITS ARE REDUCED/ LISTED STATUS CHANGES LATER ON.
Every Body Corporate other then Company as defined u/s 2(20) formed in India and governed under this rule shall, within fifteen days of appointment of an auditor under sub-section (1) of section 139, inform the Authority in Form NFRA-1, the particulars of the auditor appointed by such body corporate.

14. Filing Of Annual Return By Auditor
Every auditor referred above 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

15. Definitions accounting standards, auditing standards auditor
full-time member part-time member

16. Thanks
Query plz
?????