Current Affairs

The National Financial Reporting Authority (NFRA) is going to inspect the Big Four audit firms as well as other top auditors of large listed entities in 2024. 

About National Financial Reporting Authority (NFRA):

• It is a statutory body constituted under Section 132 of the Companies Act, 2013.
• It was established as an independent authority to regulate the auditing profession and accounting standards in India. Its goal is to enhance the country's financial statement quality and consistency and to guarantee that businesses and financial institutions report accurate and fair information. 

Composition: 

• The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members. 
• The appointment of such chairperson and members are subject to the following qualifications: 
• They should be having an expertise in accountancy, auditing, finance, or law.  
• They are required to make a declaration to the Central Government that there is no conflict of interest or lack of independence in their appointment.
• All the members, including the chairperson, who are in full-time employment, should not be associated with any audit firm (including related consultancy firms) during their term of office and 2 years after their term.

The NFRA has the following responsibilities: 

• Make recommendations on the foundation and laying down of accounting and auditing policies and standards; 
• Monitor and enforce the compliance of the accounting standards and auditing standards: 
• Oversee the quality of service of the professionals (such as auditors, CFOs, etc.) and suggest measures required for improvement in the quality of service; 
• Perform other functions related to the above. 

Powers: 

• NFRA has the power to investigate, either suo moto or on a reference made to it by the Central Government, into the matters of professional or other misconduct committed by any member or firm of chartered accountants registered under the Chartered Accountants Act, 1949. 
• It has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit.

The Union Finance Minister participated in the 'Halwa Ceremony' recently, a tradition observed before the annual budget presentation. 

About Halwa Ceremony:

• It is a tradition performed every year ahead of the budget and signifies the official initiation of the printing process of various documents related to the budget.
• It involves the preparation of the traditional dessert 'halwa' in a massive kadhai (wok), which is then served to all those who are directly associated with the budget-making process. 
• The finance minister gives the go-ahead by stirring the kadhai and serving the sweet to officials. 
• It takes place in the basement of the Finance Ministry's North Block in Central Delhi, where a special printing press is located.
• It serves as a formal ‘send-off’ for the ministry officials and staff engaged in preparing the Union government's annual financial statement. 
• Subsequently, the top officials involved with the budget enter a designated ‘lock-in’ period, isolating themselves within the ministry premises and cutting off from their families to preserve the confidentiality surrounding the final budget document. 
• The officials are required to stay in the Finance Ministry till the finance minister finally presents the budget.

Election Commission of India is celebrating 14th National Voters’ Day (NVD) on 25th January 2024. 

About National Voters’ Day (NVD):

• It has been celebrated on January 25 every year since 2011, across the country to mark the foundation day of the Election Commission of India, i.e. 25th January 1950.

Purpose:

• The main purpose of the NVD celebration is to create electoral awareness amongst citizens and encourage them to participate in the electoral process. 
• Dedicated to the voters of the country, the National Voters' Day is also used to facilitate enrolment of voters, especially the newly eligible young voters. 
• New voters are felicitated and handed over their Elector Photo Identity Card (EPIC) in the NVD functions held across the country.
• NVD is celebrated at the national, state, district, constituency and polling booth levels, which makes it one of the largest celebrations in the country.
• NVD 2024 theme - ‘Nothing Like Voting, I Vote for sure’ 
• On January 25, 2024, the Election Commission of India celebrates its 75th year of service to the Nation. 
• Key facts about the Election Commission of India: 
• It is an autonomous and permanent constitutional body responsible for organising free and fair elections in India.  The Constitution grants the ECI with the power of direction, superintendence, and control of elections to Parliament, state legislatures, the office of president of India, and the office of vice-president of India. 

Powers and responsibilities ECI: 

• Determining the Electoral Constituencies’ territorial areas throughout the country. 
• Preparing and periodically revising electoral rolls and registering all eligible voters. 
• Notifying the schedules and dates of elections and scrutinising nomination papers. 
• Granting recognition to the various political parties and allocating them election symbols.  
• The Commission also has advisory jurisdiction in the matter of postelection disqualification of sitting members of Parliament and State Legislatures.
• It issues the Model Code of Conduct in elections for political parties and candidates so that no one indulges in unfair practice or there is no arbitrary abuse of powers by those in power. 

Composition: The commission consists of a Chief Election Commissioner (CEC) and two Election Commissioners (ECs).

Smart rings are the tiny but mighty wearables which are useful in health tracking and more in a barely noticeable device. 

About Smart Rings: 

• These are tiny yet mighty, smart rings that pack impressive technology into a small ring-sized device. 
• They can monitor health stats, control other devices, and much more, much like their bulkier smartwatch counterparts.
• Equipped with advanced sensors, smart rings track metrics including heart rate, blood oxygen levels, sleep quality, steps, and even stress levels. 
• The data is then viewable on a connected smartphone app, allowing users to analyse trends and progress towards health goals.  
• Beyond wellness tracking, some smart rings add convenience through features like gesture controls and haptic feedback for notifications. 
• For example, a simple flick of the finger lets you do things like dim smart lights or cue up a playlist. When a call or message comes in, a subtle buzz on the finger lets you know without having to grab your phone. 

Smart rings Can do:

• The biggest perk offered by smart rings is their constant health monitoring, which is designed such that it requires barely any user intervention. 
• It offers personalized breathing exercises and guided meditations to help users improve their mood.
• It has a convenient feature of contactless payment. 
• Smart rings typically include gesture recognition, so you can perform gestures like twisting or tapping the ring to do things like turn off lights, adjust your thermostat, unlock doors, and more. 
• For security, smart rings can also function as access badges, letting you unlock doors and gates with a simple touch of your finger.

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