Write down functions and duties of the National Financial Reporting Authority.

(a) Functions and Duties of National Financial Reporting Authority [NFRA] Section 132(1A) of the Companies Act, 2013, provides that National Financial Reporting Authority shall perform its functions through such divisions as may be prescribed. Further Section 132 (2) read with rule 4, 6 to 9 of the National Financial Reporting Authority Rules, 2018 lays down the functions and duties that NFRA shall perform, namely: The Authority shall protect the public interest and the interests of investors, creditors and others associated with the companies or bodies corporate 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. Without prejudice to the generality, the Authority in particular shall: (a) Maintain details of particulars of auditors appointed in the companies and bodies corporate governed by NFRA; (b) Recommend accounting standards and auditing standards for approval by the Central Government; (c) Monitor and enforce compliance with accounting standards and auditing standards; (d) 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; (e) Promote awareness in relation to the compliance of accounting standards and auditing standards; (f) Co-operate with national and international organisations of independent audit regulators in establishing and overseeing adherence to accounting standards and auditing standards; and (g) Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.