NFRA and IICA sign MoU on capacity building for auditing and accounting professionals
On 22 October 2024, in Delhi, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) signed an MoU for capacity-building programmes, with a four-month course for the first batch to begin in the last week of December 2024.
Summary
On 22 October 2024, in Delhi, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) signed a Memorandum of Understanding to collaborate on capacity building in corporate governance. A key deliverable is capacity-building programmes for early and mid-career auditing and accounting professionals; a four-month course for the first batch is to begin in the last week of December 2024. The collaboration stems from NFRA's enforcement and inspection findings that, despite auditing standards being mandatory under the Companies Act 2013, auditors in a number of cases showed inadequate awareness of their obligations.
Key facts
- Date
- 22 Oct 2024
- Place
- Delhi
- Parties
- NFRA and IICA
- Purpose
- Capacity building for early and mid-career auditing and accounting professionals
- First batch
- Four-month course from last week of December 2024
- Reason
- NFRA findings of inadequate awareness of auditing standards (Companies Act 2013)
Practice MCQs 2 questions
Under the NFRA-IICA MoU signed on 22 October 2024, what is planned for the first batch of professionals?
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Correct answer: B — A four-month course starting in the last week of December 2024
PIB (released 23 Oct 2024): 'A four-month course to commence from last week of December 2024 for the 1st batch under this MoU.'
Consider the following statements about the NFRA-IICA MoU: 1. It was signed on 22 October 2024 in Delhi. 2. It targets capacity building for early and mid-career auditing and accounting professionals. Which of the statements given above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct as per PIB: the MoU was signed on 22 October 2024 in Delhi, and its key deliverable is capacity-building programmes for early and mid-career auditing and accounting professionals.