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KPMG LAUNCHES AUDIT COMMITTEE INSTITUTE

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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 ...
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KPMG LAUNCHES AUDIT COMMITTEE INSTITUTE
 Mumbai 16 June 2005  
New
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 of these global changes. “The key purpose of the Institute is to communicate and share knowledge with board members, to further enhance their awareness, and their ability to implement effective audit committee processes. As a professional services firm that interacts regularly with audit committees of many client organisations across all industries, we feel that the ACI can help provide insights into a wide range of audit committee best practices and processes. We want the ACI to be viewed as a virtual forum where board members can turn at any time for help and advice, and to share knowledge surrounding these real issues,” Mr Gomes added.
Mr Gomes further added that the establishment of the ACI is part of a growing global network of ACI’s KPMG member firms, e.g.: US, UK, Australia, Germany, Hong Kong/ China, Canada, South Africa.
Sammy Medora, Executive Director, KPMG, will chair the ACI in India and lead the Institute to implement its national programme. He is also KPMG India’s national Risk Management Partner.
 
 
© 2005 KPMG, the Indian member firm of KPMG International, a Swiss cooperative. All rights reserved.
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Mr Medora highlighted that the Institute will develop a range of tools to assist audit committee members in fulfilling their audit committee responsibilities. These tools include: ƒ A comprehensive Audit Committee Toolkit, to capture and share KPMG’s insights into what makes a ‘best practice’ audit committee – this will be launched in Q3 of 2005. ƒ Roundtable Forums, which will provide an opportunity for candid discussion with peers on topical issues and challenges facing audit committees. ƒ Regular Newsletters, providing timely updates on significant reporting, regulatory changes and emerging issues impacting audit committees. ƒ ACI web site, highlighting a range of resources on emerging issues, a library of reference material of interest to audit committee members, and access to ACI and international resources. ƒ white papers, providing in-depth analysis of topical and emerging issues.Research and  
“We have developed the Audit Committee Institute to assist committee members in their roles as redefined by regulators, taking into account their responsibilities in overseeing the financial controls, reporting and audit processes of publicly held companies. Wholly sponsored by KPMG, the ACI will provide this guidance and awareness for corporate audit committee members who want to keep up with these evolving responsibilities, and a forum which they can turn to for help, advice, and share knowledge,” Mr Medora elaborated.
 
Further information: Ian Gomes KPMG +91 (22) 2491 4950 ipgomes@kpmg.com
 
 
 
 
Sammy Medora KPMG +91 (22) 2491 4039 smedora@kpmg.com
© 2005 KPMG, the Indian member firm of KPMG International, a Swiss cooperative. All rights reserved.
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