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

Which of the following is a power vested in NFRA, same as a civil court under the Code of Civil Procedure, 1908, while trying a suit, as per Section 132(4)(b)?

NFRA has civil court powers under Section 132(4)(b), including summoning and enforcing attendance of persons and examining them on oath. It does not frame standards itself, hear appeals from the Tribunal, or appoint statutory auditors.

  1. ASummoning and enforcing attendance of persons and examining them on oathCorrect
  2. BFraming accounting standards for notification to companies
  3. CHearing appeals against orders of the Appellate Tribunal
  4. DAppointing statutory auditors of companies

Explanation

Section 132(4)(b) lists civil court powers: discovery and production of books, summoning and examining persons on oath, inspection of books and documents, and issuing commissions. Standards are recommended by NFRA, not framed by it, and appeals from NFRA orders go to the Appellate Tribunal, not from it.

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