National Financial Reporting Authority (NFRA)

NFRA was set up in October 2018 under Section 132 of the Companies Act, 2013, after a series of accounting failures.

NFRA monitors compliance with accounting and auditing standards, reviews audit quality and can penalise audit firms and auditors of listed and large companies.

NFRA orders and audit quality reviews are signals about the reliability of a company's accounts and its auditor. As sustainability assurance grows, the quality of assurance providers will also come under closer watch.