Which of the following statements is/are correct with reference to the National Financial Reporting Authority (NFRA)?

Which of the following statements is/are correct with reference to the National Financial Reporting Authority (NFRA)?

A. It is a regulatory body set up under Section 132 of the Companies Act.

B. It aims to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs).

C. Both A & B

D. None of these

Explanation:

The National Financial Reporting Authority (NFRA) has prepared a provisional database of companies and auditors that come under its regulatory ambit. 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.