NFRA draws conclusion on enhanced engagement with stakeholders
Sep 13, 2021
New Delhi [India], September 13 : Audit regulator National Financial Reporting Authority (NFRA) has drawn conclusions on comments received on the consultation paper on enhanced engagement with stakeholders.
This comes after NFRA had asked its Technical Advisory Committee (TAC) to examine the issues involved and recommend steps to be taken.
As per a statement from the Ministry of Corporate Affairs, the TAC submitted its report at the end of March 2021. NFRA examined the TAC's report and its recommendations and had put out a consultation paper in June 2021 seeking public views/suggestions on the proposed steps NFRA was planned to take in this regard.
The last date for submission of comments was July 30, 2021.
NFRA has received 17 comment letters from stakeholders, which includes important industry bodies, large accounting firms and research/academia among others. Overall, stakeholders have expressed support for NFRA's proposals to proactively promote stakeholder engagement.
"NFRA has identified engagement with various categories of stakeholders as central in its strategy to deliver on its public interest mandate," said the Ministry.
The Ministry also stated that NFRA has analysed all the public comments and has arrived at its conclusions on the way forward in respect of the issues posed in the consultation paper. NFRA's conclusions along with the comments received have been posted on its website.
"NFRA acknowledges the valuable suggestions/views of all its key stakeholders," it said.
The audit watchdog was established by the Central Government in October 2018 with the fundamental objective of driving systemic change in the Indian Financial Reporting System for Public Interest Entities (PIEs)s.
