Audit regulator National Financial Reporting Authority (NFRA) has decided to engage chartered accountants as "professionals" purely on a contractual basis.

As many as nine positions could be filled for which applications have been invited, sources said.

The contractual engagement will be for one year, which may be extended for another year, usually up to a maximum period of three years from the initial engagement.

Tasks that may be assigned to the selected candidates will include preparation of inspection and training manuals, the conduct of audit quality reviews, review of company financial statements, an inspection of complaints, financial reporting quality review, database for NFRA, court cases etc.

Selected candidates cannot practice as Chartered Accountants during their engagement in NFRA and will be required to surrender certificate of practice before joining NFRA.