Podcast Episode #74 CREAM Report A Material Accounting Policies – M&M Analytics

4. The transcript highlights the need for accountability at all levels within a company, involving different teams and departments responsible for various aspects of the business.

5. It mentions the importance of aligning corporate governance practices with long-term goals, such as India’s “Viksit Bharat 2047” vision, and suggests that companies should plan their strategies accordingly.

I state, under true and fair view, statutory Auditors provide that information as they do the auditing aspect of it in the best possible manner, there ends. But in corporate governance you cannot apply the same logic. The  accounting profession has to go a long way in complying with the corporate governance standards expounded herein.

Statutory auditors. And I would like to tell the same thing at this point of time. When I saw this thing for the PSBs, SCAs and SBAs statutory central auditors, statutory branch auditors. Certain things had been given by ICAI to guide them. The guidance note being given how to audit the corporate governance. I would like them to take a look at what we refer here.

The various aspects of corporate governance. And one thing is your statutory audit. Another thing is corporate Governance Audit. And these are two different domains. And what we have to come out is how accountable each person, each team in each and every area of transaction that we are looking at different departments. Likewise there are 47 process blocks that have been indicated which are crucial and critical for Vikshit Bharat 2047.