This is my letter to The Prime Minister of India suggesting how to eradicate Corporate Corruption? I specify the role of Audit Profession and its need of the hour.
Balance Sheet is bereft of any Ethical Assets that many companies do seriously make use of but are not able to represent the same in the Balance Sheet. Unlike Brand Value dominant in 1980s that resulted in creating standard for IAS 38 Intangible Asset, today use of many a standard Policy document such as UNCAC gets hidden as to be never brought to the forefront of market analysis. It is indeed a surprise why it is not so. By bringing it up in the Balance Sheet companies would find themselves a class of their own. I am suggesting how to do that?
Audit profession has taken a toll and mainly the Big 4 firms. It is a great opportunity for the Audit Profession as a whole to verify the Ethical Assets Premium Account and take a step in enhancing their professional capability.