The Hindu Business Line : KPMG opens audit institute in India

GLOBAL auditing firm KPMG has launched its Audit Committee Institute (ACI) in India on Thursday to assist board members and audit committees in achieving effective audit committee processes and practices.

ACI India is dedicated to providing independent directors with a forum to exchange information and knowledge with other independent directors, and support to enhance audit committee practices and processes.

The KPMG India Country Managing Director, Mr Ian Gomes, in a statement affirmed that the ACI has been established to assist independent directors and audit committees with the many challenges board members currently face.

Mr Gomes said, "As you are aware, initiatives such as the Sarbanes-Oxley Act and the Blue Ribbon Report in the context of the US, the Revised Combined Code issued in the UK, and the Dr J.J. Irani Committee recommendations and Clause 49 recent amendments in India have created compelling circumstances, which make companies and their directors sit up and pay greater attention to corporate governance standards in their companies. The ACI is an exclusive forum for audit committee members and senior directors to use for guidance in addressing the changing regulatory and financial reporting environment and to assist them to better deliver on their demanding responsibilities."

The establishment of the ACI is part of a growing global network of ACI's KPMG member firms of the US, the UK, Australia, Germany, Hong Kong, China, Canada, South Africa.

The Executive Director of KPMG, Mr Sammy Medora, will chair the ACI in India and lead the institute to implement its national programme. The institute will develop tools to assist audit committee members in fulfilling their responsibilities.

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