NFRA to introduce Annual Transparency Report by the Audit Firms.

• National Financial Reporting Authority (NFRA) has published draft requirements for auditors to prepare and publish annual transparency reports to increase transparency in management and governance of audit firms.

About National Financial Reporting Authority

• NFRA was constituted in 2018 under section 132(1) of Companies Act, 2013.
• It is an independent regulator to oversee auditing profession and accounting standards with jurisdiction extending to all listed companies and large unlisted companies.
• It has same powers as a Civil Court while trying a suit.

It consists of a chairperson who will be appointed by Central Government and a maximum of 15 members.