Archive · 25 Nov 2025
NFRA Chief Urges Stronger Audit Disclosures
The head of the National Financial Reporting Authority, Nitin Gupta, spoke at an event and said that companies in India need to share more information about their risks.
He suggested making a new report for these meetings and creating a special team to handle new risks like artificial intelligence and cybersecurity.
He also said that companies should think about their future for more than just one year to avoid failures.
Over the past five years, the NFRA has taken action against many audit firms and individuals.
Gupta also talked about how important it is to have good financial reporting as India's economy grows.
Meanwhile, Finance Minister Nirmala Sitharaman and Financial Services Secretary M Nagaraju discussed the need for transparency and facilitation in governance.
They directed the Ministry of Corporate Affairs to create a live dashboard for more transparency and advised banks to speed up the resolution of pending bankruptcy cases under the Insolvency and Bankruptcy Code.
NFRA Chairman Nitin Gupta urged Corporate India to enhance audit committee disclosures for better investor understanding of risks.
Gupta suggested creating a separate board-level risk management committee to address emerging risks like AI, ESG, and cybersecurity.
The NFRA has issued 79 disciplinary orders in the past five years, including actions against 20 audit firms and 88 individual auditors.
Finance Minister Nirmala Sitharaman directed the Ministry of Corporate Affairs to come up with a live dashboard to ensure more transparency.
Financial Services Secretary M Nagaraju advised chief executives of public sector banks to personally monitor top 20 cases pending for admission and 10 accounts pending for resolution at the NCLT.
- Who
- NFRA Chairman Nitin Gupta, Finance Minister Nirmala Sitharaman, Financial Services Secretary M Nagaraju
- What
- Urged for stronger audit disclosures and risk management, directed for transparency and facilitation in governance
- When
- Tuesday, November 25, 2025
- Where
- At an ASSOCHAM event and a review meeting by the Finance Ministry
- Why
- To improve investor understanding of risks, enhance corporate governance, and expedite the resolution process under IBC
NFRA
Finance Ministry
Audit Disclosures
NFRA
NFRA Chairman Nitin Gupta urged Corporate India to enhance audit committee disclosures for better investor understanding of risks.
Finance Ministry
Finance Minister Nirmala Sitharaman directed the Ministry of Corporate Affairs to come up with a live dashboard to ensure more transparency.
Risk Management
NFRA
Gupta suggested creating a separate board-level risk management committee to address emerging risks like AI, ESG, and cybersecurity.
Finance Ministry
Finance Services Secretary M Nagaraju advised chief executives of public sector banks to personally monitor top 20 cases pending for admission and 10 accounts pending for resolution at the NCLT.
Governance
NFRA
Gupta emphasized that economic reforms and growth should be accompanied by high-quality financial reporting systems.
Finance Ministry
Sitharaman said that the MCA’s driving principle should be to make governance easy, transparent and with a focus on facilitation.
- NFRA Chairman
- Nitin Gupta
- Event
- ASSOCHAM event
- Disciplinary Orders
- 79 in 5 years
- Actions Against Audit Firms
- 20
- Actions Against Individual Auditors
- 88
- Debarment Cases
- 7
- Market Capitalisation
- Rs 4.25 lakh crore in 2025
- Finance Minister
- Nirmala Sitharaman
- Financial Services Secretary
- M Nagaraju
- IBC
- Insolvency and Bankruptcy Code
- NCLT
- National Company Law Tribunal
- CIRP
- Corporate Insolvency Resolution Process
- CoC
- Committee of Creditors
