The National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) jointly launched the second four-month course for audit committee members and independent directors on 12 August 2025 in New Delhi.

The initiative is part of a Memorandum of Understanding (MoU) signed in October 2024 to strengthen knowledge and capacity in corporate governance. The first course, The Directors’ Certification Programme for Audit Committee Members, ran from January to May 2025 and was attended by 79 participants. Following positive feedback, the second programme was inaugurated virtually under the leadership of IICA Director General and CEO, Shri Gyaneshwar Kumar Singh.

NFRA Chairperson Shri Nitin Gupta, in his address, underscored the vital role independent directors and audit committee members play as guardians of financial integrity. He said the joint effort demonstrates a shared commitment to protecting public interest and ensuring companies operate with transparency, accountability, and long-term sustainability. He emphasised that independence comes with the responsibility to question without fear, seek clarity without hesitation, and act with integrity, even in challenging circumstances.

The certification programme is designed to equip independent directors with specialised knowledge and practical skills in areas such as financial statement interpretation, risk management, corporate governance, capital markets, and regulatory compliance.

The course has two modules: an optional first module for non-finance professionals covering accounting principles, financial statement fundamentals, liquidity management, cost analysis, and investment evaluation; and a mandatory second module covering internal controls, audits, related party transactions, fraud risk management, ESG, and sustainability reporting. Case studies and practical experience-sharing are also included.

This joint initiative supports NFRA’s mandate to promote awareness of accounting and auditing standards, auditor responsibilities, audit quality, and related matters through training, workshops, seminars, and conferences.