The professionals have been asking for extension of filing date on account of challenges faced while filing statutory returns, due to regular changes in the utility software. Now comes o-Governance – Where ‘O’ stands for ‘Over’, hence Over Governance. NFRA has introduced Form NFRA2, where the Statutory Auditor has to disclose for each client audited, details of fees and reimbursements received, Reports qualified, withdrawn, resignations, etc. details of partners, team, cases pending against the firms, etc. And this has to be filed by 30th November 2019. So what is the role of ICAI? What is the role of MCA that receives this information directly from the auditor. This would set the cat among the accountants!! Duplication of work and reporting to multiple regulators is definitely not good governance! #compliance #audit #governance #professional #accountability
