Rule 7 Monitoring and enforcing compliance with accounting standards
(1) For the purpose of monitoring and enforcing compliance with accounting standardsDefined in rule 2(a): accounting standards means the 'accounting standards' as defined in clause (2) of section 2 of the Act: under the ActDefined in rule 2(b): Act means the Companies Act, 2013 (18 of 2013) by a company or a body corporate governed under rule 3, the AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act may review the financial statements of such company or body corporate, as the case may be, and if so required, direct such company or body corporate or its auditorDefined in rule 2(d): auditor means an individual or a firm including a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009) or any other Act for the time being m force, who has been appointed as an auditor of a company or a body corporate under section 139 of the Act or under any other... by a written notice, to provide further information or explanation or any relevant documents relating to such company or body corporate, within such reasonable time as may be specified in the notice.
(2) The AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act may require the personal presence of the officers of the company or body corporate and its auditorDefined in rule 2(d): auditor means an individual or a firm including a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009) or any other Act for the time being m force, who has been appointed as an auditor of a company or a body corporate under section 139 of the Act or under any other... for seeking additional information or explanation in connection with the review of the financial statements of such company or body corporate.
(3) The AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act shall publish its findings relating to non-complainces on its website and in such other manner as it considers fit, unless it has reasons not to do so in the public interest and it records the reasons in writing.
(4) Where the AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act finds or has reason to believe that any accounting standard has or may have been violated, it may decide on the further course of investigation or enforcement action through its concerned DivisionDefined in rule 2(g): Division means a division 1[including the one headed by the chairperson or a full time member] established by the Authority for the purpose of organising and carrying out its functions and duties.