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The National Financial Reporting Authority (NFRA) was constituted by the Government of India under Section 132 of the Companies Act, 2013 on:
Answer & Solution
Correct answer: C.
1. The Lesson 1 paragraph on NFRA records that it was constituted on 01st October, 2018 by the Government of India under Section 132(1) of the Companies Act, 2013.
2. The duties of NFRA under Section 132(2) include recommending accounting/auditing standards, monitoring/enforcing compliance, and overseeing service quality of the audit profession.
3. NFRA may take action against statutory auditors for misconduct in respect of bodies corporate it regulates.
4. NCLT/NCLAT (01-Jun-2016) and the Companies Act assent (29-Aug-2013) are different milestones.
_Source: ICSI CS Executive Paper 2 (Company Law) — Lesson 1: Introduction to Company Law, pp. 2-35._
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