Monthly Archives: January 2025

I argue that India’s experiment with foreign audit firms has failed and call for the Big Four firms to “buck up” and improve their performance and responsibility.

In ICGI 04- 04 – SOS Governance Standards – I highlight the importance of governance over financial performance

Jayaraman Iyer sends Narendra Modi a report on HACCP of Bank Audit, emphasizing the need for a “SOS Governance Standards” approach to integrate P&L, Balance Sheet and RWA BASEL III parameters and provide a common rating system for Banks.

SOS Governance rectifies the reported dissatisfaction – In a research report by Forrester and Diligent, governance professionals indicated that ”’visibility into sustainability and ESG issues”’ was their greatest dissatisfaction. [Means ESG Scores are rubbish – isn’t it?]

Audit Firms can feel good about restoring GRACE – GOVERNANCE, RESPONSIBILITY, AUTHORITY, CREDIBILITY, ENABLEMENT
Balance Sheet is their territory and allowing a non-monetary so called asset to creep in, is their mistake entirely. Correct it now, now, now.

Empowering Auditors is the crux of my presentation that I call for strengthening ICAI to re-calibrate its working to the demands of our society that is made up of MSMEs and pan puri walahs that our Chartered Accountants cater to, besides being the Statutory Auditors for all listed companies.

I propose a governance framework (FEC report) that includes both quantitative and qualitative elements, suggesting a structure for managing large workforces and maintaining accountability in AI development and implementation.