Greentick Dialogues - Key NFRA Decisions : Analysis, Learnings & Way Forward!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
60 Minutes
Episode Background:
A concern commonly expressed, and rightly so, when corporate accounting frauds are uncovered, is 'what were the auditors doing?’ In the aftermath of the $2 billion scam at the state-run lender PNB, India's audit watchdog, the National Financial Reporting Authority (NFRA), was established in 2018 to strengthen corporate financial reporting and has more than 8000 listed & other companies under its purview. Since its formation, the NFRA has issued multiple reports & orders against erring auditors, as clearly witnessed in the cases of the Cafe Coffee Day group, Dewan Housing Finance Corp. Ltd branches, IL&FS, Prabhu Steel, and others, with the consequences including stringent penalties as well as long periods of debarment being handed out to auditors.
What shall the episode cover?
With an endeavor to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its exclusive “subscriber-only” thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you an episode on “Key NFRA Decisions: Analysis, Learnings & Way Forward" with Accounting Expert Dr. Anand Banka.
Key Highlights:
Over the course of this episode, Dr. Banka:
- Decoded some of the key decisions issued by NFRA since inception
- Highlighted key learnings that auditors and professionals can take away from those decisions
- Threw light on the way forward
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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Overall Rating
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
60 Minutes
Episode Background:
A concern commonly expressed, and rightly so, when corporate accounting frauds are uncovered, is 'what were the auditors doing?’ In the aftermath of the $2 billion scam at the state-run lender PNB, India's audit watchdog, the National Financial Reporting Authority (NFRA), was established in 2018 to strengthen corporate financial reporting and has more than 8000 listed & other companies under its purview. Since its formation, the NFRA has issued multiple reports & orders against erring auditors, as clearly witnessed in the cases of the Cafe Coffee Day group, Dewan Housing Finance Corp. Ltd branches, IL&FS, Prabhu Steel, and others, with the consequences including stringent penalties as well as long periods of debarment being handed out to auditors.
What shall the episode cover?
With an endeavor to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its exclusive “subscriber-only” thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you an episode on “Key NFRA Decisions: Analysis, Learnings & Way Forward" with Accounting Expert Dr. Anand Banka.
Key Highlights:
Over the course of this episode, Dr. Banka:
- Decoded some of the key decisions issued by NFRA since inception
- Highlighted key learnings that auditors and professionals can take away from those decisions
- Threw light on the way forward
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
