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NFRA International Conference Emphasizes Transparent Financial Reporting and Audit Quality

New Delhi: The National Financial Reporting Authority (NFRA) concluded its inaugural International Conference on Transparent Financial Reporting and Audit Quality: Pillars of Corporate Governance on March 5-6, 2024, in New Delhi.

The conference served as a significant platform for policymakers, global experts, professionals, and industry leaders to engage in crucial discussions regarding transparent financial reporting, audit quality, and effective corporate governance.

Aiming to address contemporary challenges and opportunities in the dynamic financial landscape, the conference facilitated insightful keynote addresses, interactive panel discussions, and engaging presentations. These discussions aimed to foster valuable knowledge sharing and exchange actionable strategies for strengthening transparency, accountability, and integrity in global financial reporting and auditing practices.

On the second day of the conference, Shri Rao Inderjit Singh, Minister of State (I/C) for Statistics & Programme Implementation, Planning and Union Minister of State for Corporate Affairs, delivered the valedictory address. He reiterated the government’s commitment to fostering transparency and accountability in financial reporting. Singh acknowledged NFRA’s crucial role in maintaining market integrity, ensuring investor protection, and driving excellence in financial reporting standards. He assured the continued support of the government in facilitating these endeavors.

Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs (MCA), Government of India, provided valuable insights into the government’s commitment to promoting transparency and accountability in corporate practices.

In his keynote address, Hon’ble Justice Ashok Bhushan, Chairman, National Company Law Appellate Tribunal (NCLAT), underscored the critical role of strong corporate governance mechanisms in ensuring fairness and integrity within the business environment.

Dr. Ajay Bhushan Prasad Pandey, Chairperson, NFRA, set the context for the 2-day conference by highlighting the importance of transparent financial reporting and quality auditing in upholding robust corporate governance standards.

Shri Uday Kotak, Founder, Kotak Mahindra Bank Ltd., elaborated on the pivotal role of corporate governance in driving economic growth and achieving ambitious national goals.

Former Chief Justice of India, Justice U.U. Lalit, emphasised the need for prioritising public interest protection and highlighted NFRA’s crucial role in ensuring accountability, transparency, and ethical conduct within the corporate sector. He further underlined the necessity for robust regulatory frameworks and efficient enforcement mechanisms to uphold stakeholder trust and confidence in the financial ecosystem.

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