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NFRA advisory committee on audit quality MCQ - Practice Questions with Answers

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Practice questions

Q1Which of the following correctly describes the advisory body constituted by NFRA on 4 September 2026?

A It was NFRA's first advisory committee and was formed under the Companies Act, 1956.

B It is an Advisory Committee on Audit Quality, Assurance and Technology constituted under Rules 15 and 16 of the NFRA Rules, 2018.

C It replaces the July 2024 advisory group and ends NFRA's power to form study groups.

D It is limited only to Central Board of Direct Taxes officials and excludes industry experts.

Explanation

On 4 September 2026, NFRA constituted an Advisory Committee on Audit Quality, Assurance and Technology under Rules 15 and 16 of the NFRA Rules, 2018. It is the third such advisory body after the 2020 Technical Advisory Committee and a July 2024 advisory group, and its membership spans professionals, CFOs, technology experts, regulators and industry.

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NFRA advisory committee on audit quality MCQ - Practice Questions with Answers

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