NFRA and IICA Sign MoU

Current Context: On October 22, 2024, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) signed a Memorandum of Understanding (MoU) in New Delhi.

• The primary aim of this MoU is to enhance the capabilities of professionals in corporate governance, accounting, and auditing standards.
• This collaboration will focus on developing and implementing capacity-building programs to provide professionals with the latest knowledge and skills required to uphold high standards in these areas.
• The first initiative under this MoU is the "IICA-NFRA Certification Course for Audit Committee Members," which is scheduled to commence in the last week of December 2024.
• This course aims to equip audit committee members with the necessary expertise to effectively oversee financial reporting and audit processes, ensuring greater transparency and accountability within organizations.

Question:

1 What is the primary aim of the MoU between National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA)?

• A) To enhance the capabilities of professionals in marketing
• B) To enhance the capabilities of professionals in corporate governance, accounting, and auditing standards
• C) To enhance the capabilities of professionals in IT services
• D) To enhance the capabilities of professionals in human resources

Answer: B) The primary aim of the MoU is to enhance the capabilities of professionals in corporate governance, accounting, and auditing standards.