CS Executive · Corporate Accounting and Financial Management · Introduction to Corporate Accounting
Under the Companies Act, 2013, which authority may be constituted by the Central Government by notification to provide for matters relating to accounting and auditing standards?
The National Financial Reporting Authority is the body the Central Government may constitute by notification under section 132 to deal with accounting and auditing standards. The CAG only audits the Authority's own accounts, and the Registrar of Companies has no such role.
- ANational Financial Reporting AuthorityCorrect
- BSecurities Appellate Tribunal
- CRegistrar of Companies
- DComptroller and Auditor-General of India
Explanation
Section 132(1) empowers the Central Government to constitute the National Financial Reporting Authority by notification to provide for matters relating to accounting and auditing standards. The CAG audits the Authority's accounts; it does not set the standards.
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