Functions and duties of the Authority
(1)
The Authority shall protect the public interest and the interests of investors, creditors and others associated with the companies or bodies corporate governed under rule 3 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.
(2)
In particular, and without prejudice to the generality of the foregoing, the Authority shall:-
(a)
maintain details of particulars of auditors appointed in the companies and bodies corporate specified in rule 3;
(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.
(3)
The Central Government may, by notification, and subject to such conditions, limitations and restrictions as may be specified therein delegate any of its powers or functions under the Act, other than the power to make rules, to the Authority.