Rule 9 Overseeing the quality of service and suggesting measures for improvement
(1) On the basis of its review, 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 direct an 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... to take measures for improvement of audit quality including changes in their audit processes, quality control, and audit reports and specify a detailed plan with time-limits.
(2) It shall be the duty of the 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... to make the required improvements and send a report to the AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act explaining how it has complied with the directions made by the AuthorityDefined in rule 2(e): Authority means the National Financial Reporting Authority constituted under sub section (1) of section 132 of the Act.
(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 monitor the improvements made by the 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... and take such action as it deems fit depending on the progress made by the 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....
(4) 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 refer cases with regard to overseeing the quality of service of auditors of companies or bodies corporate referred to in rule 3 to the Quality Review Board constituted under the Chartered Accountants ActDefined in rule 2(b): Act means the Companies Act, 2013 (18 of 2013), 1949 (38 of 1949) or call for any report or information in respect of such auditors or companies or bodies corporate from such Board as it may deem appropriate.
(5) 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 take the assistance of experts for its oversight and monitoring activities.