The Indian Institute of Corporate Affairs (IICA) began its renowned Directors’ Certification Master Class in the picturesque hills of Ooty on 10 July 2024. This three-day event, running until 12 July, gathers over 50 participants from top organizations across India to enhance their corporate governance skills.
The inaugural session featured notable dignitaries, including Dr. Ajay Bhushan Pandey, Chairman of the National Financial Reporting Authority (NFRA) and Director General & CEO of IICA; Ms. Neera Saggi, Independent Director on multiple boards such as Tata Steel and GE Power; and Mr. Shailesh Haribhakti, Chairman and Independent Director in various organizations
In his keynote address, Dr. Pandey emphasized the critical role of corporate governance, calling it “the bedrock of a robust corporate sector.” He highlighted the importance of audit committees and independent auditors in maintaining corporate integrity, referencing historical cases like Kreuger & Toll to illustrate regulatory evolution.
Dr. Pandey outlined five key defenses in corporate governance: management, audit committees and independent directors, financial reporting frameworks and auditors, investors/shareholders and lenders, and independent regulators like NFRA. He urged audit committees to engage deeply with key audit standards and NFRA’s disciplinary orders, emphasizing the importance of Key Audit Matters (KAM) and Emphasis of Matters (EOMs).
Dr. Pandey also announced a new initiative between IICA and NFRA to offer specialized training for accounting professionals, auditors, and independent directors. These courses, counting towards continuing professional education for chartered accountants, include nine-month programs for auditors and accountants and three- to six-month programs for independent directors, developed with industry expert input.
The Master Class continues with sessions from distinguished speakers such as Mr. Nawshir Mirza, Mr. Vivek Talwar, Mr. Puneet Gupta, Dr. Anil Kumar, CA Mohan R. Lavi, Dr. Mahendra Chouhan, Mr. Nagendra Rao, and Mr. PS Jayakumar. The program is led by Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy (SoCGPP) at IICA, supported by Mr. Manoj Singh and Mr. Mathew John, Chief Program Executives at IICA.
