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NFRA prepares provisional database of cos, auditors

  •  The National Financial Reporting Authority (NFRA) has prepared a provisional database of companies and auditors that come under its regulatory ambit.
  • NFRA has the mandate to oversee compliance with accounting and auditing standards by certain class of companies, described as Public Interest Entities (PIEs).
  • In this regard, a verified and accurate database of companies and auditors that come under the regulatory ambit of NFRA is being prepared, an official release said on Friday.
  • Establishment of the database involves critical steps like identification and verification of the primary data source, and reconciliation of data such as Company Identification Number (CIN) from different sources.
  • For preparing the database, NFRA has been working with the corporate affairs ministry’s Corporate Data Management (CDM) division and three recognised national stock exchanges.
  • ‘A provisional database of companies and their auditors as of March 31, 2019 has been compiled by the NFRA. This includes approximately 6,500 companies, comprising listed companies (around 5,300), unlisted companies (around 1,000), and insurance and banking companies.
  • ‘The auditor details for many of these companies have been compiled. In the remaining cases, this exercise is in progress,’ the release said.
  • The provisional data till March 31, 2019 has been published on NFRA website.
  • Similar exercise for compilation of the database as of March 31, 2020 will be undertaken shortly, as per the release.
Tags: Current Affairs, Economics

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