The National Financial Reporting Authority (NFRA) was constituted on 01st October,2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
2. Functions and Duties
As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to:
a. Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
b. Monitor and enforce compliance with accounting standards and auditing standards;
c. Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;
d. Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.
3. NFRA Rules 2018 provides that the Authority shall protect the public interest and the interests of investors, creditors and others associated with the companies or bodies corporate governed under Rule 3 of the said Rules by establishing high quality standards of accounting and auditing and exercising effective oversight of accounting functions performed by the companies and bodies corporate and auditing functions performed by auditors. Under Section 4 (2) (e) of NFRA Rules 2018, one of the duty of NFRA is to promote awareness in relation to the compliance of accounting standards and auditing standards
4. To commemorate 75 Years of India’s Independence and as a part of the ongoing ‘Azadi Ka Amrit Mahotsav’, NFRA is conducting this quiz programme on the topic ‘Auditing and Accounting Standards in India’, with the objective to promote understanding and awareness of accounting standards and auditing standards among the citizens of the country.
1. The Organiser of the Quiz is National Financial Reporting Authority, Ministry of Corporate Affairs, Government of India.
2. The Quiz shall open on the MyGov portal https://quiz.mygov.in on 24th December 2021 and shall close on 26th January 2022.
3. Entry into the Quiz is open to all citizens of India. Individuals working in NFRA (permanent and contractual), and their immediate family members are not eligible to participate in the Quiz.
4. This is a timed Quiz with 10 questions to be answered in 600 seconds. These questions will be picked randomly from the question bank.
5. Participants will be required to provide their name, email address, mobile number, and postal address etc. By submitting the contact details, the Participant will give consent to these details being used for the purpose of the Quiz. The registrations shall be void if the details filled-in by the Participants are improper or erroneous.
6. The Quiz will start as soon as the Participant clicks the Start Quiz button.
7. All the questions are available in English language only.
8. There will be no negative marking.
9. You can skip a tough question and come back to it later.
10. Once submitted an entry cannot be withdrawn.
11. A Participant can participate only once. Multiple entries from the same Participant will not be considered and will be discarded.
12. Organizers will not accept any responsibility for entries that are lost, are late or incomplete or have not been transmitted due to computer error or any other error beyond the Organizer’s control. Please note proof of submission of the entry is not proof of receipt of the same.
13. Winners will be declared on the basis of maximum number of correct answers.
14. In case of multiple Participants having given same number of correct answers, the Participant who take the least time to complete the Quiz will be declared the winner. In case of multiple winners, there could be a lucky draw.
15. If a winner is not contactable within three working days from the finalisation of result, he or she will forfeit the prize and next eligible winner will be selected in accordance with the above process.
16. Top 20 winners of the Quiz would be given commendation certificate, mementos, and cash rewards of Rs. 500/- each. For the cash rewards, the winners need to share their bank account details and other credentials for the purpose of authentication.
17. In the event of unforeseen circumstances, Organizers reserve the right to amend or withdraw the Quiz at any time. For the avoidance of doubt this includes the right to amend these terms and conditions without notice.
18. The Participant shall abide by all the rules and regulations of participating in the Quiz from time to time.
19. Organizers reserve all rights to disqualify or refuse participation to any Participant if they deem participation or association by any Participant is detrimental to the Quiz or the Organizers.
20. By entering the Quiz, the Participant accepts and agrees to be bound by these Terms and Conditions, mentioned above. These Terms and Conditions shall be governed by the Indian laws.
21. Organizer’s decision on the Quiz and its winners shall be final and binding and no correspondence will be entered into regarding the same.