It's collective responsibility to improve corporate governance, follow global standards: NFRA Chief
NFRA) Chairperson Ajay Bhushan Prasad Pandey on Thursday underscored the need for improving corporate governance and aligning Indian auditing with global standards to attract investors. Observing that there is a need to continue to take cognizance of corporate governance reforms, he said company management, independent directors and audit committee, statutory auditors, shareholders, and regulators constitute five lines of defence to improve corporate governance.
«It is our collective responsibility...we should continue to create trust. Improve the corporate governance, and we should work in that direction,» he said, addressing an event organised by industry chamber Assocham here.
Adopting global auditing standards would improve the trust of global investors in the Indian economy, which is on its way to becoming the third largest from the present fifth position, he said.
Making a pitch to align Indian audit practices with the global standards, Pandey said it is in the interest of corporates.
Adopting global audit norms is easier as «we have global precedents», he said.
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