Briefly explain the power of National Financial Reporting Authority in respect of misconduct of a professional.

National Financial Reporting Authority (NFRA) NFRA is constituted under Section 132 of Companies Act 2013 to make recommendation to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by company or class of companies and their auditors. It also monitor to enforce the compliance with accounting standards and Auditing Standards and oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measure required for improvement in quality of service. Regarding investigating the misconduct committed by any member or firm of Chartered Accountant NFRA has the power to investigate either suo-motu or on a reference to made to it by the Central Government. When NFRA initiates investigation no other institute or body can initiate investigation. When the professional misconduct is proved, NFRA has the power to impose penalty of not less than one lakh rupees but which may extend to five times of the fees received in case of individuals and not less than ten lakhs rupees but which may extend to 10 times of the fees received in case of firms. NFRA has also the power to debar the member or the firm for minimum period of six months or such higher period not exceeding 10 years.