In today’s world, corporations have multiple stakeholders. This includes, investors, lenders, employees, vendors and customers, regulators and community in which the corporate operates. TRACE Communication (which means, Timely, Relevant, Accurate, Complete, Effective - TRACE) is the key to stakeholder management. Communication is driven by stakeholder needs, and is therefore dynamic and changing to the changing needs of stakeholders. The role of financial reporting is emerging as one of the most important communication by corporates. We are seeing the communication broadening from just reporting of financial numbers in boring boiler plate financial statements and auditors’ reports, to smoothly flowing into Board reports, MD&A statements, CG reports, and over the last few years into sustainability reporting and, closer to home BRSR.
In this context, CII is organizing the ‘Conference on Financial Reporting Governance Framework’. This is scheduled on 15 – 16 September 2021, over virtual platform. Deliberations at the Conclave would focus on contemporary challenges surrounding the Audit Communities, evolving complexities of business and role and expectations of Regulators.