• ●New body: Advisory Committee on Audit Quality, Assurance and Technology, constituted by NFRA.
• ●Legal basis: Rules 15 and 16 of the National Financial Reporting Authority Rules, 2018, which let NFRA form committees, study groups and task forces and promote awareness of auditing and accounting standards.
• ●NFRA itself is a statutory regulator constituted on 1 October 2018 under Section 132 of the Companies Act, 2013.
• ●NFRA recommends accounting and auditing standards to the Central Government, monitors their compliance, oversees the quality of service of the audit profession and can investigate and penalise professional misconduct.
• ●Composition of the new Committee: professionals, CFOs, audit committee members, independent directors, technology experts, regulators and industry representatives.
• ●It is the third such body - the Technical Advisory Committee was constituted in 2020 and ended in December 2022, and an Advisory Group on Auditor-Audit Committee resources was set up in July 2024.
• ●Indian companies report under Indian Accounting Standards (Ind AS), which are converged with IFRS; the Institute of Chartered Accountants of India, created by the Chartered Accountants Act, 1949, formulates and recommends them.

The National Financial Reporting Authority is constituted under which section of the Companies Act, 2013?