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New Delhi: Sound corporate governance is the bedrock of the sector that contributes to sustainable growth and development of the nation as whole, said Ajay Bhushan Prasad Pandey, chairperson, NFRA, adding that investors reward well-governed companies.

Speaking at the conference on “Financial Reporting and Corporate Governance in the Corporate Sector", Pandey spoke about a number of reforms initiated during last few years, both for enabling growth and development of business sector and society such as Aadhar, UPI, GST and tax reforms. He also mentioned about several institutional building reforms like NFRA, IBC, NCLT etc.

Pandey said need of the hour for the finance community and directors is to take measures to prevent frauds and failure of internal financial controls such as developing case study of register of frauds.

In relation to building trust and meeting stakeholders expectations, Pandey mooted the idea of crowdsourcing risk related matters and matters of emphasis for auditor consideration.

He also suggested taking into account UK Brydon report recommendation of publishing of directors risk report before the audit scope is decided by an audit committee which can evaluate stakeholders inputs on that risk report.

On the sustainability reporting standards, he said it is better to align with those of International Sustainability Standards Board of IFRS Foundation.

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