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Updated March 5th, 2024 at 13:37 IST

Business integrity vital for growth, ensuring investor confidence: NCLAT Chairperson

He warned against the repercussions of weak accounting practices, highlighting how they can lead to financial scandals and undermine the business environment.

Reported by: Business Desk
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Addressing an international conference on corporate governance, Justice Ashok Bhushan, Chairperson of the National Company Law Appellate Tribunal (NCLAT), reinforced the paramount importance of business integrity for economic progress.

Speaking at the 'Transparent Financial Reporting and Audit Quality' conference organised by the National Financial Reporting Authority (NFRA), Bhushan stressed on the crucial role of companies in maintaining trustworthy financial accounts to foster investor confidence and uphold transparency.

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He warned against the repercussions of weak accounting practices, highlighting how they can lead to financial scandals and undermine the business environment. Bhushan underlined the need for constant vigilance to ensure the effectiveness of transparency and governance mechanisms.

As India aims to ascend among the top three global economies, Bhushan reiterated the significance of business integrity in supporting growth and protecting investor interests. He pointed out instances of corporate fraud and emphasised the role of audits in safeguarding shareholder interests.

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NFRA Chairperson Ajay Bhushan Prasad Pandey highlighted the regulator's commitment to enhancing audit quality through firm-wide inspections, aiming to drive systemic improvements and ensure accountability in the audit profession.

(With PTI inputs)
 

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Published March 5th, 2024 at 13:28 IST

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