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Database Of Companies And Auditors: NFRA

Database Of Companies And Auditors: NFRA:

National Financial Reporting Authority (NFRA) has prepared a provisional database of companies and auditors.

  • The National Financial Reporting Authority is a regulatory body set up under Section 132 of the Companies Act to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).
  • This group includes all listed companies and large unlisted companies.
  • To discharge this mandate, NFRA is in the process of creating a verified and accurate database of companies and auditors that come under the regulatory ambit of NFRA.
  • The establishment of this database involves critical steps like identification and verification of the primary data source and reconciliation of data (such as Company Identification Number (CIN) which is dynamic) from different sources.
  • In this regard the NFRA has been engaging with the Corporate Data Management (CDM) division of the Ministry of Corporate Affairs (MCA) and three recognized stock exchanges in India.
  • A provisional database of companies and their auditors as of 31st March 2019 has been compiled by the NFRA which has been published on the website of the NFRA.
  • This provisional data will be updated/revised going forward based on the collection of further data and information.
  • A similar exercise for compilation of the database as of 31st March 2020 will be undertaken shortly.