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TMI BlogConstitution of National Financial Reporting Authority.X X X X Extracts X X X X X X X X Extracts X X X X ..... itor and enforce the compliance with accounting and auditing standards recommended by it in such manner as may be prescribed; (iii) oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of services and such other related matters as may be prescribed; and (iv) perform such other functions as may be prescribed. (3) The National Financial Reporting Authority shall consist of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance, business administration, business law, economics or similar disciplines, to be nominated by the Central Government and such other members not exceeding fifteen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduction of books of account and other documents, at such place and at such time as may be specified by the National Financial Reporting Authority; (b) summoning and enforcing the attendance of persons and examining them on oath; (c) inspection of any books, registers and other documents of any person referred to in clause (b) at any place; (d) issuing commissions for examination of witnesses or documents; (iii) where professional or other misconduct is proved, have the power to make order for (a) imposing penalty of not less than one lakh rupees in case of individuals and not less than ten lakh rupees in case of firms; (b) debarring the member or the firm from engaging himself or itself from practice as member of the institute for a minim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... service of the secretary and employees shall be such as may be prescribed. (7) The head office of the National Financial Reporting Authority shall be at New Delhi and the National Financial Reporting Authority may, meet at such other places in India as it deems fit. (8) The National Financial Reporting Authority shall cause to be maintained such books of account and other books in relation to its accounts in such form and in such manner as the Central Government may, in consultation with the Comptroller and Auditor-General of India prescribe. (9) The accounts of the National Financial Reporting Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and such accounts as certifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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