Financial Daily from THE HINDU group of publications
Sunday, Feb 26, 2006
Financial Daily from THE HINDU group of publications Sunday, Feb 26, 2006 |
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Corporate
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Auditing Industry & Economy - Events Enlarged role for internal auditor Our Bureau
Kolkata , Feb. 25 Describing internal audit as a much more difficult function in today's corporate governance scenario compared to external audit, Mr Aloke Mukherjee, chairman, Flakt India, said on Saturday that "he who pays the piper calls the tune" should not be the case ideally, if all stakeholders' interests have to be protected effectively. He put the ability to manage risk (not avoidance) and thereby the environment, as the centrepiece of the entire value proposition. And the ability to manage risk in today's changing corporate governance scenario has emerged as the critical competitive differentiator. The revised Clause 49 of SEBI's Listing arrangements has truly enhanced the role of the internal auditor, he said. He felt this was being increasingly felt as the mood now among stakeholders was one of suspicion, at the first sign of trouble. And this predetermines the need for high-quality reporting or compliance with substance in terms of disclosures by all corporates in balance sheets.
Crucial area
Addressing the inaugural session of the 17th Annual Conference members of The Institute of Internal Auditors - India, on the theme of "Internal Audit: Present Perspective", Mr Mukherjee said in such a crucial area such as internal audit, where ethics and morality come into play, there is no relative factor involved, like `right or wrong depending on circumstances'.
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