Q. With reference to National Financial Reporting Authority (NFRA) consider the following statements:
1.It is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013.
2.It is headed by the Deputy Governor of the Reserve Bank of India (RBI)..
Select the correct statements using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:

Statement 1 is correct. NFRA is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013.

Statement 2 is incorrect. NFRA is a non-political body with a chairperson appointed by the Central Government. The NFRA can probe listed as well as unlisted public companies.

Source: ForumIAS