We request you to kindly accord on priority to the matter and make representation with the Government for discrimination against the members of ICAI by withdrawing NFRA at the earliest . The reasons for the requests is mentioned below:
Independence: The government is creating a new quasi-judicial body, National Financial Reporting Authority (NFRA), which would look after the quality of audit, compliance by auditors as also the disclosures that they make. it would be the nodal body to look after all financial reporting. It can suspend the licence of auditors when they find something is irregular without the consent of ICAI. This shows that ICAI will have no role to play and it will be no more an autonomous authority for taking decisions for its members.
Transparency: ICAI has been quite transparent in it's working. Once it goes to NFRA, it will not be easy to share the details with members of the profession unless the details are finalised or decided upon.
Superseding authority: NFRA will become an oversight body with quasi-judicial powers and supersede ICAI. Any decision taken by ICAI can be reversed /cancelled or advanced by NFRA.
Vulnerability: Every ICAI member will be vulnerable to be charged/ prosecuted by NFRA on complaints made a common person or corporate entity. Anything that goes into reporting of financial statements, this body will oversee the quality, the kind of work they are doing and any complaints. NFRA can even debar them without waiting for any information from ICAI. Also let not forget the undesirable political interventions that will be inevitable in functions of NFRA.
Please make appropriate representation to the Government to safeguard the ICAI interest for withdrawing NFRA at earliest.
To:
Institute of Chartered Accountants of India
Institute of Chartered Accountants of India
तथास्तु ICAI - Withdraw NFRA
Sincerely,
[Your name]
[Your name]
__._,_.___
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