Karnataka’s former IAS officer R Sridharan on Friday appointed as first chief of National Financial Reporting Authority (NFRA).
Sridharan, a 1983 batch (retired) IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till he attains the age of 65 years, the order from the government said. The Union Cabinet chaired by Prime Minister Narendra Modi had on March 1, approved establishment of the NFRA.
The NFRA is mandated to act as an independent regulator for the auditing profession. It will help in better regulation of financial audit of large companies.
The need for establishing NFRA had arisen in the wake of accounting scams, for enforcement of auditing standards and ensuring the quality of audits to strengthen the independence of audit firms, among others.
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