KPMG LAUNCHES AUDIT COMMITTEE INSTITUTE

News KPMG LAUNCHES AUDIT COMMITTEE INSTITUTE Mumbai 16 June 2005 KPMG launches its Audit Committee Institute (ACI) in India today to assist board members and audit committees fulfill their responsibilities 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. KPMG India Country Managing Director, Ian Gomes, affirmed that the ACI has predominantly been established to assist independent directors and audit committees with the many challenges board members currently face. Advised Mr Gomes, “As you are aware, initiatives such as the Sarbanes-Oxley Act in the context of the US, Blue Ribbon Report in the context of UK, and Clause 49 in the Indian context, 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.” Mr Gomes emphasised the importance of directors needing to be better equipped to deal with these real issues, emphasising that the audit committee is at the frontline ...