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

This initiative stems from a Memorandum of Understanding (MoU) signed between NFRA and IICA in October 2024 to enhance knowledge and capacity in corporate governance. The first course, “The Directors’ Certification Program for Audit Committee Members”, was conducted from January to May 2025 and saw participation from 79 professionals. Encouraged by the positive response, the second program has been rolled out under the leadership of Shri Gyaneshwar Kumar Singh, Director General & CEO, IICA, in a virtual ceremony.

During the inauguration, NFRA Chairperson Shri Nitin Gupta underscored the vital role independent directors and audit committee members play as custodians of financial integrity. He emphasised that their independence brings with it the responsibility to question without fear, seek clarity without hesitation, and uphold integrity even in challenging situations.

The course is designed to equip participants with specialised knowledge and practical skills in areas such as financial statement interpretation, risk management, capital markets, corporate governance, and regulatory compliance. It comprises two modules — an optional first module for non-finance professionals covering accounting principles, financial analysis, liquidity management, cost analysis, and investment evaluation; and a mandatory second module focusing on internal controls, audits, related party transactions, fraud risk management, ESG, and sustainability reporting. The program also incorporates case studies and practical insights.

This joint effort also fulfils NFRA’s mandate to promote awareness of accounting and auditing standards, auditor responsibilities, audit quality, and related matters through education, training, workshops, and outreach initiatives.