NFRA Forms Tech Advisory Committee
The National Financial Reporting Authority has formed a committee to tackle financial reporting risks from technology environments and data security, comprising experts like Amit Jain and Shyamala Gopinath
The National Financial Reporting Authority (NFRA) has formed an audit quality, assurance and technology advisory committee to prepare for audits in which financial reporting risks arise from technology environments, data security and automated decision-making.
The committee consists of various experts from different fields, including Amit Jain, technical architect at iSPIRT Foundation, and Ananth Narayan, former Securities and Exchange Board of India whole-time member. Other members include Bharat Goenka, CFO of Hindalco Industries, Milind Sarwate, adviser and ESG contributor, and M P Vijay Kumar, executive director and CFO of Sify Technologies.
The committee also includes Robin Banerjee, chairman of Nucleon Research, Sanjeev Sood, chief assurance executive of Axis Max Life Insurance, Sharmila Abhay Karve, independent director, and Shyamala Gopinath, former Reserve Bank of India deputy governor.
## Why it matters The formation of this committee is significant as NFRA is preparing for audits where financial reporting risks increasingly arise from technology environments, data security and automated decision-making. This indicates a growing recognition of the importance of technology in financial reporting and the need for expertise in this area to ensure accurate and reliable financial reporting.
The committee's expertise will be crucial in addressing the challenges posed by technology environments and data security, and in providing guidance on how to navigate these risks. As technology continues to play a larger role in financial reporting, the work of this committee will be essential in ensuring that financial reports are accurate and reliable.
