Financial Daily from THE HINDU group of publications
Thursday, May 27, 2004
Financial Daily from THE HINDU group of publications Thursday, May 27, 2004 |
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Opinion
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Letters Risk management
This is with reference to "Risk management: Nothing risked, nothing gained" (Business Line, May 25). Corporate annual reports elaborate on the risk management practices of each company, which clearly highlight their importance. The RBI has introduced risk-based supervision and audits in banks. Risk-based audit is being practised by some companies in the non-banking sector too. Auditors are expected to give their opinion focussing on risk exposure throughout the audit process as per Indian and international auditing and assurance standards. The Company Auditors report Order 2003 requires auditors to report on internal control, fraud, etc., but not on risk management, though directors have to report on risk management steps being taken. Like internal audit, internal control and reporting, and evaluation of risk management covering the entire governance/management arena are necessary for total quality assurance in respect of the entire task of governance. Ramachandran Mahadevan Bangalore
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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