NISM-ICAI Webinar on Expectations on Financial Reporting

The School for Corporate Governance (SCG) of National Institute of Securities Markets (NISM) and Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) conducted a Webinar on Expectations on Financial Reporting on Wednesday September 01, 2021 at ICAI Bhavan, BKC, Mumbai.

CA Akansha Kapoor, Secretary, FRRB-ICAI, delivered the welcome address.

Mr. M Krishnamoorthy, Programme Director, SCG delivered the opening remarks and introduced the theme of the programme. During his address the emphasised the significance of Financial Reporting and its advantages to corporates.

CA Rajesh A Mody, Director – Statutory Audit, CNK & Associates LLP made a detailed presentationi on Commonly Found Non-compliances observed from Financial Statements of Listed Entities.

The second technical Session of the programme was a Panel discussion on “Expectations on Financial Reporting by Listed Entities”. The Panelists were prominent speakers viz. Dr. V R Narasimhan, Dean, NISM; Mr. Avishkar Naik, Vice President, NSE; Ms. Hetal Dalal, Chief Operating Officer, Institutional Investor Advisory Services (IIAS) and Mr. Suveer Khanna, Partner, KPMG which was moderated by Mr. M Krishnamoorthy, Member of Faculty, NISM. Mr. Suveer shared his insights from the perspective of a statutory auditor especially on forensic audit. Ms. Hetal outlined the expectations of the shareholders from listed entities on financial reporting. Mr. Avishkar  explained as to how financial disclosures are examined from a Stock Exchange perspective.  Dr. Narasimhan emphasized the importance of financial reporting and also the responsibility of statutory auditors in financial disclosures.

The programme was offered through the hybrid mode – both through online and off-line.

 The panelists also addressed all the queries raised by the participants. 

During the valedictory session, Dr. V R Narasimhan spoke on the importance of compliance. Citing various examples out of his rich practical experience, he stressed the importance of Compliance and reporting.

CA Prafulla Premsukh Chhajed, Past President, ICAI complimented the efforts taken by NISM and ICAI for hosting a programme of immense contemporary relevance. He said such regular programmes will instill values among professionals. CA Nihar Jambusaria during the Presidential address thanked NISM for joining hands with ICAI for holding programmes which are of high utility value for the professionals. He urged the professionals to uphold the value of ICAI and follow the Financial Reporting processes in true letter and spirits.

Mr. Nagendraa Parakh, Executive Director, SEBI was the Chief Guest during the valedictory session. During his session he emphasized the role and scope of professionals in Financial Reporting. He further highlighted on the proactive role played by SEBI in this area. Drawing reference to various examples from his experience, he said the professionals have to be diligent in all aspects.

In conclusion, Mr. M Krishnamoorthy summarized the crux of all the sessions. He also briefly explained the role played by NISM in creating awareness among professionals on financial reporting and proposed vote of thanks. He profusely thanked Mr. Nagendraa Parakh for taking time of his busy schedule and addressing the participants.  The Programme was well attended by more than 1,000 participants both in physical and online mode. All the sessions were not only interactive, but was informative as well.