Audit panel meetings of listed firms must not be reduced to a formality
The annual inspections of major audit firms planned by the National Financial Reporting Authority (NFRA) will help bolster compliance with auditing standards and protect the interests of investors and shareholders, said its chairman Ajay Bhushan Pandey. In an interview to ET’s Banikinkar Pattanayak, he said the regulator is also planning to hold talks with the audit committees and independent directors of listed firms.
He said the regulator has found that in some cases, the entire meeting between the auditors and the audit committeef listed companies has been reduced to a formality, which must be avoided.
