Audit panels must boost disclosures, says NFRA chief

THE NATIONAL FINANCIAL Reporting Authority (NFRA) chairman Nitin Gupta on Tuesday urged Corporate India to work on a new reporting template for the audit committees as the amount of information shared by them currently is not sufficient for the investors to understand the risks.

- MANU KAUSHIK

The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations have cast a number of critical responsibilities on the audit committees to protect investors, creditors and the public at large. However, there is hardly any information available to the public on whether the audit committees have discharged those functions and duties."Simply disclosing the number of meetings (held) is not adequate," Gupta said at an ASSOCHAM event here.