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Quiz on Auditing and Accounting Standards in India-Win Cash Prizes | Free Government Certificate

Quiz on Auditing and Accounting Standards in India-Win Cash Prizes | Free Government Certificate

  • Start Date : 24 Dec 2021, 10:00 am
  • End Date : 26 Jan 2022, 11:59 pm



1. Constitution
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.

Terms and Conditions :

  • The Organiser of the Quiz is National Financial Reporting Authority, Ministry of Corporate Affairs, Government of India.
  • The Quiz shall open on the MyGov portal on 24th December 2021 and shall close on 26th January 2022.
  • This is a timed Quiz with 10 questions to be answered in 600 seconds.
  • Winners will be adjudged on the basis of maximum number of correct answers.
  • In case of multiple participants having given same number of correct answers, the participants who take the least time to complete the quiz will be adjudged the winner

Rewards :

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.


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