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NFRA Chairperson Dr. Ajay Bhushan Pandey participates in 3rd International Conference on recent developments and challenges relating to Financial Reporting and Control |
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21-7-2023 | |||
Dr. Pandey stresses on importance of involving experienced individuals in auditor's committee to ensure high-quality audits National Financial Reporting Authority (NFRA) Chairperson Dr. Ajay Bhushan Prasad Pandey, participated in the inaugural session of 3rd International Conference: Financial Reporting and Control: Recent Development and Challenges organised by ASSOCHAM, here today. Dr. Pandey spoke about the role of Financial Reporting and Auditors in enhancing the investor’s confidence in the Corporate Sector. In his address, Dr. Pandey emphasised the significance of private sector and audit of Financial Reports in the Nation’s economic growth and development, in the backdrop of phenomenal success achieved by our country due to a number of path breaking reforms initiated by Indian policy makers during last 8-9 few years i.e., such as Digital Reforms like Aadhar, UPI, GST and Tax Reforms. Dr. Pandey elaborated on the work of NFRA in ensuring audit quality in recent months. He drew attention to critical message coming out of a number of disciplinary orders issued by NFRA. In particular, he mentioned how NFRA considers the view taken by its peer group like PCAOB, FRC that have decades of experience as Independent Regulators. Dr. Pandey highlighted the role of its disciplinary orders as tools to improve audit quality and not just punitive actions. He drew attention to following four critical areas of findings arising from these Dos.
Dr. Pandey concluded that audit is essential part of Corporate Governance to building trust in private sector and needs to be strengthened along with those of Audit Committee and Independent Directors. Auditors also need to be remunerated suitably for performing this critical role. |
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