**Summary:**
In August 2025, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) jointly launched the second four-month certification course for Audit Committee Members and Independent Directors. This initiative is a part of the Memorandum of Understanding (MoU) signed between NFRA and IICA in October 2024 to enhance knowledge and capacity building in corporate governance. The first course under this MoU, held from January 2025 to May 2025, focused on director certification for Audit Committee Members and had 79 participants.
The second course, launched in a virtual ceremony under the leadership of Shri Gyaneshwar Kumar Singh, Director General & CEO, IICA, aims to equip independent directors with specialized knowledge and practical skills in areas such as financial statement interpretation, risk management, capital markets, corporate governance, and regulatory compliance. Shri Nitin Gupta, Chairperson, NFRA, emphasized the crucial role of independent directors and audit committee members in safeguarding financial integrity and promoting transparency, accountability, and long-term sustainability.
The four-month program consists of two modules. The first module (optional) provides structured training on accounting principles, financial statements, financial analysis, liquidity and cash management, cost analysis, and investment evaluation for non-finance professionals. The second module (mandatory) covers internal controls, internal and statutory audits, related party transactions, fraud risk management, ESG, and sustainability reporting, along with case studies and practical experience sharing. This initiative fulfills NFRA's mandate to promote awareness of accounting and auditing standards, auditors' responsibilities, and audit quality through education and training.
Key Entities Referenced
Ministry of Corporate Affairs: The Indian government ministry responsible for regulating corporate affairs.
National Financial Reporting Authority (NFRA): An Indian regulatory body responsible for overseeing auditing standards and the accounting profession.
Indian Institute of Corporate Affairs (IICA): An Indian institute focused on corporate governance, research, and training.
Audit Committee Members and Independent Directors Course: A training course designed for members of audit committees and independent directors, aimed at enhancing their knowledge and skills.
Memorandum of Understanding (MoU): An agreement between NFRA and IICA to collaborate on knowledge and capacity building initiatives.
New Delhi: The location in India where the course was launched.
Shri Gyaneshwar Kumar Singh: Director General & CEO, IICA
Shri Nitin Gupta: Chairperson, NFRA
Ministry of Corporate Affairs
NFRA and IICA Jointly Launch the Second Four-
month Course for Audit Committee Members and
Independent directors
Course a Part of the MoU Signed last year between
NFRA and IICA
Posted On: 13 AUG 2025 4:07PM by PIB Delhi
The National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) jointly
launched the second four-month course for audit committee members/independent directors on 12 August
2025 at New Delhi.
In a significant step towards knowledge and capacity building in the area of corporate governance, the
National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) had
signed a Memorandum of Understanding (MoU) in October 2024. This course has been the second in series
launched as part of this MOU.
Under this MOU, the first course on “The Directors’ certification program for Audit Committee Members”
was held between January 2025 to May 2025 and was attended by 79 participants. In view of good response
nd
and positive feedback about the program, the 2 course has been organised under the leadership of Shri
Gyaneshwar Kumar Singh, Director General & CEO, IICA in a virtual ceremony.
Shri Nitin Gupta, Chairperson, NFRA, while inaugurating the program highlighted the important role-played
by the Independent Directors and the Audit committee members as guardians of financial integrity.
Shri Nitin Gupta stated that this joint initiative reflects a shared commitment for protecting public interest; and
ensuring that companies operate with transparency, accountability, and long-term sustainability. He pointed
out that the independence of Independent directors brings with it a responsibility to question without fear, to
seek clarity without hesitation, and to act with integrity even in challenging circumstances. This Certification
Program has been thoughtfully designed to address the needs of independent directors i.e., specialized
knowledge and practical skills, particularly in areas such as financial statement interpretation; risk
management; and understanding capital markets, corporate governance, and regulatory compliance.
This is a four-month program and has two modules. The first module is optional and useful for non-finance
professionals. This module covers structured training on accounting principles, fundamentals and core
components of financial statements, financial analysis, liquidity and cash management, cost analysis, and
investment evaluation. The second module is mandatory and covers sessions on internal controls, internal and
statutory audits, related party transactions, fraud risk management, ESG, and sustainability reporting. The
program also covers case studies and sharing of practical experiences.
This joint initiative is also towards fulfilment of NFRA’s obligations towards promoting awareness of
accounting and auditing standards, auditors' responsibilities, audit quality, and other relevant matters through
education, training, seminars, workshops, conferences, and publicity initiatives.
****
NB/AD(Release ID: 2156045)