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CMA Intermediate · Corporate Accounting and Auditing · National Financial Reporting Authority (NFRA)

For the purposes of NFRA's power to impose penalty, 'professional or other misconduct' under Section 132 has the meaning assigned to it in:

The expression professional or other misconduct in Section 132(4) of the Companies Act, 2013 carries the same meaning as under section 22 of the Chartered Accountants Act, 1949, as stated in the Explanation to that sub-section.

  1. ASection 22 of the Chartered Accountants Act, 1949Correct
  2. BSection 133 of the Companies Act, 2013
  3. CSection 3 of the Chartered Accountants Act, 1949
  4. DSection 247 of the Companies Act, 2013

Explanation

The Explanation to Section 132(4) says the expression has the same meaning as assigned under section 22 of the Chartered Accountants Act, 1949. Section 3 of that Act relates to constitution of the Institute, and section 247 relates to valuation.

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