NFRA guidance to nip financial fraud

India's audit watchdog has called for greater coordination between audit committees and auditors of companies to strengthen corporate governance and improve the reliability of financial reporting.

- Gireesh Chandra Prasad

In a guidance published on its website, the National Financial Reporting Authority (NFRA) has said audit committees led by independent directors must have deeper interactions with companies' statutory auditors for better understanding of future tax savings, profitability and liabilities.