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Auditing: NFRA 1 | Download Free Templates
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1. What is Form NFRA 1?
The National Financial Reporting Authority was constituted under Section-132 of the Companies Act,2013 in order to formulate and enforce specific laws and regulations in respect to auditing and financing. NFRA 1 is an annual return form filed with NFRA and it is filed by the auditor of the Indian body corporate and foreign body corporates which fall under Section-3(3). The following companies do not need to file NFRA 1:
1. Private Companies
2. Unlisted public companies that are having a paid-up capital or turnover or aggregate of loans, debentures and deposits below the prescribed limit
3. Limited Liability Partnership (LLP)
2. Why is it important?
NFRA1 is mandatory to be filed by the companies governed by the NFRA Rules under Section- 2(20). The companies need to file NFRA 1 within 15 days of the appointment of a new auditor.
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Sophie Asveld
February 14, 2019
Email is a crucial channel in any marketing mix, and never has this been truer than for today’s entrepreneur. Curious what to say.
Sophie Asveld
February 14, 2019
Email is a crucial channel in any marketing mix, and never has this been truer than for today’s entrepreneur. Curious what to say.