October 23, 2019

Center notified National Financial Information Authority Rules (NFRA rules notified, ICAI wings clipped)


Why in the discussion?


Recently, the Central Government has notified the much-awaited National Financial Information Authority (NFRA) rules to reduce the monitoring and disciplinary powers of the chartered accountant institution on the auditors of the institutions and large unlisted companies along with banks and insurance companies.


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key points

  • With this latest initiative of the Ministry of Corporate Affairs, the newly formed independent regulator for the accounting profession has become an all-powerful body to discipline the NFRA auditors and monitor the quality of services provided by chartered accountants in large institutions.
  • It is known that the center had recently appointed former IAS Officer Rangachary Sreedharan as NFRA President.
  • The Union Cabinet had approved the establishment of an independent regulatory NFRA on March 1, in which there is enormous powers to work against false auditors and audit firms.

What are the new rules?

  • According to the new notified rules, NFRA will have the power to monitor and enforce compliance with accounting standards and audit standards, as well as monitor the quality of the service and examine the auditors of the listed institutions.
  • Apart from this, the NFRA covers the unlisted companies which have no paid up capital of less than Rs 500 crores or have annual turnover of more than Rs. 1000 crores till March 31, or who have total credit, debentures or deposits 500 Not less than Rs.
  • NFRA will also monitor the auditors of banks, insurance companies, power companies and those corporate bodies which they have been referred by the Center.
  • NFRA will handle the account details of auditors appointed by the companies; The Central Government will recommend accounting and auditing standards for approval; Monitor and implement compliance with accounting standards and auditing standards.
  • This Authority will ensure the compliance of such standards, while maintaining the quality of service of related businesses and suggesting measures to improve the quality of service.
  • The latest rules state that NFRA will cooperate with national and international organizations of independent audit regulators in the establishment and supervision of compliance with auditing standards and auditing standards.
  • These rules also provide detailed procedure on disciplinary proceedings by the NFRA. It has made the settlement mandatory (within a 90-day period) mandatory through the summary process, to make the settlement mandatory.
  • No action will be taken under the disposal order of Show Show Notice, but it will be in the form of a warning and the action will be taken to stop the auditor or to stop the appointment of the auditor.

preliminary examination

Prelims Facts: November 16, 2018

Super-Earth Super-Earth )

Astronomers have discovered the super-meaning that revolves around the Sun’s closest single star .
  • Super Earth is called a planet located outside the solar system whose mass is more than the Earth but much less than the mass of larger planets like Jupiter and Saturn.
  • The mass of this super meaning is almost three times the mass of our Earth.
  • According to London’s Queen Mary researchers from the University, the rocky planet that Barnard’s Star B ( Barnard’s Star B ) has been named a Super meaning that the entire orbiting 233 days of their host stars.
  • Conclusions published in a journal named Nature show that this planet is stationary on its distance from its star which is called Snow Line .
  • The surface temperature of this planet is estimated to be around -170 degrees Celsius.
  • Alpha Centauri  or after Century triple system (Alpha Centauri triple system) it is located at a distance of one star nearest the Sun about six light-years.
  • The nearest star of the Sun is located only four light-years away from our Earth. Proxima B called (Proxima b) it Aksoplanet red dwarf Proxima Centauri is orbiting (Proxima Centauri).
  • Researchers used the radial velocity method during observation that caused Bernard Star B to be discovered.

Arecibo Message ( Arecibo Message )

On November 16, 1974 researchers sent a radio message to connect with the Earth outside the outer world. On November 16, 2018, Google has remembered that day by completing 44 years of contact process.
  • This message was sent from the Arecibo Laboratory located in Puerto  Rico Island , due to which it was named as the Oscibo Message.
  • A three minute interstellar radio message from this laboratory was sent out of the earth.
  • It was a message composed of 1,679 binary numbers, which was sent to a group of stars, M-13, located 25,000 light-years away from Earth.
  • The reason for choosing 1,679 numbers was that it is a cumulative number (the product of two prime numbers). That is why it can be arranged in rectangular form with 23 columns and 73 rows or 73 columns and 23 rows.
  • This message was written by Frank Drake, a scientist, and he was helped by the famous American astronomer Carl Saigon to write the message.
  • This message was in 7 parts-
  1. Numbers from 1 to 10
  2.  

  3. Atomic number of hydrogen, carbon, nitrogen, and phosphorus, these are the most closely formed DNAs.
  4.  

  5. Sugar and base formula found in DNA nucleotides
  6.  

  7. The picture of the number of nucleotides present in the DNA and the double helix structure of the DNA.
  8.  

  9. The image of a person, the average size of a human being and the human population on earth.
  10.  

  11. The Solar System.
  12.  

  13. Picture of the Arecibo Radio Telescope Laboratory and the diameter of the antenna used to send the message.

Pushkar Camat Fair

It is organized in Pushkar town of Rajasthan.
  • Pushkar’s camel festival was started with the aim of attracting local camels and cattle traders during the holy Kartik Purnima festival.
  • Pushkar is a small town but there are many temples here. It is also believed that in the whole world, the only temple dedicated to Hindu God Brahma, who is considered to be the creator of Shrishti, is in Pushkar.

TOXIC
  • The English word Toxic (Toxic) has been declared the Oxford Dictionary of Word of the Year 2018because this adjective has been used to express ethics, mood or prejudice in the year 2018. This word has left words like ‘ Gaslighting’ and ‘Techlash’ in the last list for the Word of the Year in 2018 .

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