Ensuring Independence: The Call for Revolution in Audit Practices
NFRA Chairperson Nitin Gupta emphasized the necessity for audit committees to uphold auditor independence and implement sound financial practices. Speaking at a conference, he outlined the need for revolutionary audit approaches, stronger internal controls, and greater transparency in corporate governance to foster trust and transparency.
- Country:
- India
Audit committees must safeguard auditor independence, stressed NFRA Chairperson Nitin Gupta on Thursday, underscoring the essence of robust corporate governance.
Gupta highlighted the pivotal role of external auditors and emphasized comprehensive internal controls to ensure true financial depictions. He pointed out instances of audit lapses in firms, advocating for revolutionary changes in audit practices using risk-based approaches and technology.
Addressing a Ficci-organized conference, Gupta called for increased transparency in annual reports and scrutinizing related party transactions to bolster trust in a nation increasingly driven by investments.
(With inputs from agencies.)
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