NFRA and IICA Launch Second Audit Committee Certification to Boost Governance
This initiative follows the first Directors’ Certification Program for Audit Committee Members, held between January and May 2025, which drew 79 participants and received highly positive feedback.
- Country:
- India
In a move to strengthen corporate governance and financial oversight in India, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) have jointly launched the second four-month certification course for audit committee members and independent directors. The launch marks the next phase of a collaborative effort initiated under a Memorandum of Understanding (MoU) signed between the two institutions in October 2024.
The programme, inaugurated in a virtual ceremony, is being organised under the leadership of Shri Gyaneshwar Kumar Singh, Director General & CEO of IICA. Shri Nitin Gupta, Chairperson of NFRA, addressed the participants, underscoring the essential role independent directors and audit committee members play as guardians of financial integrity.
A Continuing Partnership for Better Governance
This initiative follows the first Directors’ Certification Program for Audit Committee Members, held between January and May 2025, which drew 79 participants and received highly positive feedback. The strong response prompted the launch of this second edition, reinforcing the joint mission of NFRA and IICA to build capacity, raise awareness, and promote ethical corporate conduct.
Shri Nitin Gupta emphasised that independent directors must uphold the principles of transparency, accountability, and long-term sustainability. He called on participants to question without fear, seek clarity without hesitation, and act with integrity even in challenging circumstances, noting that independence also brings a weighty responsibility to safeguard public interest.
Course Structure and Learning Focus
The four-month programme is divided into two key modules:
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Optional Module for Non-Finance Professionals – Designed to provide structured training in core financial knowledge, this module covers:
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Accounting principles and fundamentals.
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Key components of financial statements.
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Financial analysis techniques.
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Liquidity and cash flow management.
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Cost analysis and investment evaluation.
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Mandatory Core Module – Focused on governance, risk, and compliance, it includes sessions on:
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Internal controls and audits (both internal and statutory).
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Related party transactions.
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Fraud risk management.
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Environmental, Social, and Governance (ESG) reporting.
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Sustainability disclosures.
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Real-world case studies and experience-sharing.
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The curriculum is tailored to provide specialised knowledge and practical skills, preparing participants to tackle complex corporate governance challenges.
Strengthening NFRA’s Educational Mission
The programme supports NFRA’s broader mandate to promote awareness of accounting and auditing standards, auditors’ responsibilities, and audit quality through education, training, and public outreach. Initiatives like this are designed to help directors and audit committee members not only meet regulatory requirements but also contribute meaningfully to their organisations’ ethical and financial stewardship.
By combining IICA’s expertise in corporate affairs with NFRA’s focus on audit quality and financial reporting, this collaboration aims to raise the bar for governance practices in Indian companies. The ultimate goal is to create a cadre of well-informed, proactive directors who can make balanced, strategic decisions while ensuring compliance with the highest standards.
Looking Ahead
With corporate boards facing increasing scrutiny from regulators, investors, and the public, the demand for highly skilled and ethically grounded directors has never been greater. NFRA and IICA’s joint certification programme is expected to become a benchmark for director training in India, bridging the gap between theoretical governance principles and practical boardroom application.
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