State the functions of National Financial Reporting Authority to provide for matters relating to accounting and auditing standards.

Functions of National Financial Reporting Authority make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be; monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed; oversee the quality of service of the professionals associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of service and such other related matters as may be prescribed; The Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted in consultation with and after examination of the recommendations made by the National Financial Reporting Authority.