Podcast Episode 80 ICGI Series 04 Empowering Auditors AI Co-piloting ABC – Audit Firms, Banks and Companies




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Podcast Episode 80 ICGI Series 04
Empowering Auditors AI Co-piloting ABC – Audit Firms, Banks and Companies

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Empoweing ICAI.mp3

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Podcast Episode 80 ICGI Series 04
Empowering Auditors AI Co-piloting ABC – Audit Firms, Banks and Companies

 

1. An Intro to AI as a copilot.

2. Traditionally ICAI has been bringing in Accounting Standards from IASC/B and now IFRS a global standardization for Accounting and Auditing. The IASB operates under the oversight of the IFRS Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee (IASC).

3. I pinpoint here IAS 38 Intangible Assets that was introduced in 1998 with the consequential impact on Audit Profession. I have given my recommendations to restore the GRACE [Governance, Responsibility, Authority, Credibility and Enablement] of the Audit Profession.

4. IFRS in its website states:
The purpose of international accounting standards is “to develop IFRS® Standards that bring transparency, accountability, and efficiency to financial markets around the world.

5. I dwell upon the word Accountability, which has not been dealt with by IFRS also, let alone ICAI.

6. In order for ABC – Audit Firms, Banks, Investee Companies and Companies to be transformative in bringing in Governance standards, I present the requisite science based SOS [Subject-Object-Self] Governance Standards with an FEC Report for each of the above mentioned entities.

7. Case studies of M&M and RIL are made available.

8. 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. Our CAs are a wonderful lot inspired by ethical motive. CREAM Report [Corporate Governance, Risk Management, Earnings, Accounting Quality and Management Quality] is common to all, the balance sheet of SOS Governance.

9. I have also recommended to set targets for 2030 and 2047 and play like an ODI to track performance, ex-ante instead of ex-post-facto. All can follow this principle including GoI.

 

 

Regards
Jayaraman

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Podcast Episode 79 ICGI Series 03 Align AI Governance to HI Accountability




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Podcast Episode 79 ICGI Series 03
Align AI Governance to HI Accountability

Align AI Governance to HI Accountability.mp3

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Podcast Episode 79

ICGI Series 03
Align AI Governance to HI Accountability

Here are 5 key points summarizing the transcript:

1. I discuss aligning AI governance with human intelligence (HI) accountability, emphasizing the need to balance quantitative AI elements with qualitative human knowledge and decision-making.
2. Four categories of AI are mentioned: reactive machines, AI with limited memory, theory of mind, and self-awareness, with concerns raised about the risks of AI with limited memory.
3. The importance of maintaining human control over AI systems is stressed, particularly in corporate settings where standards, codes of conduct, and risk management are crucial.
4. The concept of “self-governance” is introduced as a critical aspect of both human and AI systems, relating to individual responsibility and ethical decision-making.
5. 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.

 

Regards
Jayaraman

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Podcast Episode 78 Record Societal Changes. by MeRIT




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Podcast Episode #78 Record Societal Changes. by MeRIT

Internal Governance Consultants mp3

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Podcast Episode #78 – ICGI Series #02
Record Societal Changes – I 4.0 Stats by MeRIT – Measure, Record, Implement, Track

Corporate Governance is going to be the primary platform by which companies are going to be watched.

In this context ICGI Series #02 – Record Societal Changes – I 4.0 Stats by MeRIT – Measure, Record, Implement, Track., shall bring in the critical data creation for a company’s operations that is identifiable to the National Grid of Governance Data.

For series #02 I give a detailed analytics on Statistics, firstly I shall bring to your attention what Bibek Debroy, stated, “Supporters and critics agree on the urgent need for reform in India’s statistical system. It’s time for The Ministry of Statistics and Programme Implementation [MOSPI] to address concerns with the statistical system seriously. So we shall.”

That reform must start from Industry. A single company’s data must be identifiable to the National Grid of Governance Data. GDP as well as GNH. So will be a produce data of a single farmer identifiable to an FAO stats. That’s the reform I am presenting here. That’s the purpose of ushering in The Institute of Corporate Governance of India.

In this presentation I give:

1. I advocate for integrating GDP (Gross Domestic Product) with GNH (Gross National Happiness) metrics to provide a more holistic view of development and progress. Recording of Societal changes is made possible.

2. There’s a call for reforming India’s statistical system to provide more timely, accurate and relevant data for policymaking and economic planning.

3. The concept of “Effort Per Person” (EPP) is introduced as a way to measure and optimize individual and team performance, particularly in sectors like agriculture and MSMEs.

4. I discuss the potential for India’s agricultural sector to grow from $450 billion to $1 trillion, emphasizing the role of Farmer Producer Organizations (FPOs) in achieving this goal.

Note: I have retained the benefits of the 3 Farm Bills, Modi introduced.

5. There’s a focus on transitioning to a green economy, with emphasis on opportunities for MSMEs in energy transition metals and reducing dependence on fossil fuels.

So Recording of Societal changes shall begin from Corporate and then build up to GDP and GNH.

Happy New Year 2025 for bettering Gross National Happiness Index.

 

Regards
Jayaraman

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Podcast Episode #77 Internal Auditors are passé Induct Internal Governance Consultants




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Podcast Episode #77 Internal Auditors are passé Induct Internal Governance Consultants

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ICGI Series #01 Internal Auditors are passé : Induct Internal Governance Consultants

In 2024 I published 75 research Papers and I set the goal ‘Unleashing other people’s energy’. In 2025 the goal is to set up ICGI – The Institute of Corporate Governance under an Act of Parliament.

In my analytics on Review 2024 I found Corporate would find themselves greatly beneficial setting targets of 15% CAGR and CARR for 2030 and track their performance as moving target for Viksit Bharat 2047.

Corporate Governance is going to be the primary platform by which companies are going to be watched. In order to be of assistance for the companies I am starting an ICGI Series of important topics singularly appropriate for corporate management.

In this context ICGI Series #01 “Internal Auditors are passé Induct Internal Governance Consultants” companies would find useful in restructuring organizations for the future, overcoming the current challenges companies face. Please take a look.

Here are 5 key points summarizing the transcript:
1. I advocate for internal consultants focused on governance, rather than just internal auditors, to shift from accounting to accountability.
2. Companies should set long-term targets (e.g., for 2030) with 15% CAGR (Compound Annual Growth Rate) and CARR (Compound Annual Reduction Rate) for various metrics.
3. The importance of people management is emphasized, with the concept of “return on the intangible” measuring individual ethical responsibility and effort.
4. I propose organizing teams of five people, with one person responsible for ethical oversight as an internal governance consultant.
5. I do criticize current corporate governance practices as insufficient and suggest the creation of an Institute of Corporate Governance of India to improve standards.

Last but not the least: Audit Committee be changed to Governance Commitee.

Merry Christmas and a Happy New Year 2025.

 

Regards
Jayaraman

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Podcast Episode #76 Review 2024 Preview 2025




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Podcast Episode #76 Review 2024 Preview 2025

Review 2024 Preview 2025 mp3

 

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Review 2024 Goal set: Unleashing other people’s energy

Preview 2025 Set Goal: Establish ICGI – The Institute of Corporate Governance of India.

Gukesh, the world champion in Chess, sees beauty and philosophy in pawns, bishops and boards, so says a news item. So do I see the beauty and philosophy of the brain.

To quote from the second Chapter of my first book, Who are you? Sebastian Seung, Evnin Professor in neuroscience, professor of computer science at Princeton Neurosciences Institute, talks of the mapping of the brain, what he calls “connectome.” It would take a few generations to map all the possibilities of the neuron’s connectomes. David Eagleman, American neuroscientist, author, science communicator, and an adjunct professor at Stanford University, talks of the sheer number of such connections in a single brain, existing in such density that it bankrupts our language.

Metaphysics as a science is with us in Advaita. A potter and a nuclear scientist have the same capabilities in their sphere of influence, so are a janitor and the chairman of the Board of Directors in an enterprise. Remove the earnings differences each is supreme in undertaking the ethical responsibility. This is the basis by which SOS [Subject-Object-Self] Governance Standards are set. That’s how I set the Goal for 2024 – Unleashing other people’s energy.

During the year 2024 I have publsihed 65 research papers covering my unbending intent to usher in Corporate Governance in India, an unceasing process for betterment of our society. I have selected a few research papers to convey the message of my intent to corporate and the Government of India. My goal is set for 2025 – establish ICGI – The Institute of Corporate Governance of India [ as an Act of Parliament].

I will work and assist companies and the governments, as to the beneficial aspects of SOS Governance Standards toward society assurance.

Happy New Year 2025.

#lime, #ai, #tesla, #uber, #netflix, #nvidia, #facebook, #google, #cocacola, #walmart, #ge #ford,

Regards
Jayaraman
 
PS: PDF file for All episodes 2024: 

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Podcast Episode #75 Proof of the Corporate Governance is in the Earnings




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Podcast Episode #75 Proof of the Corporate Governance is in the Earnings

Earnings for.mp3

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Podcast Episode #75 Proof of the Corporate Governance is in the Earnings

Proof of Corporate Governance is in the Earnings –
Shifting focus from Accounting to Accountability
Entity Profitability and Growth Index of
M&M and Reliance

In continuation of my mission to establish ICGI – The Institute of Corporate Governance of India the fifth and final part – CREAM Report – Proof of the Corporate Governance is in the Earnings – Entity Profitability and Growth Index of M&M and Reliance.

CREAM Report:
1. Corporate Atomic Structure, [an intro] enlarging on the basic principle by which Organization Structure is derived with everlasting Metrics and Benchmarks.
2. M-Management Quality: Strengthen the Independent Directors – LODR 17-27 of SEBI is brought in 1. Board of Directors [27 Process Blocks. PBs] and fundction of Board Committees in 60 PBs, establishing Standards. [Part 1] [87 PBs]
3. Standards on Vigil Mechanism enhances SEBI’s LODR #22 by

1. A. Maintaining ethical business standards: [30 PBs] ; 2. B. Commitment to business associates, suppliers, customers and the environment [93 PBs] = 30+93=123: [210 PBs cum.] [Part 2]

3. R- Risk Management [34PBs] and Internal Controls [5 PBs]: 39 PBs setting Standards. [249 PBs cum] [Part 3]

4. A – Accounting Quality – Material Accounting Policies. [47 PBs] [ [296 PBs] [Part 4]

5. E – Earnings : [12 PBs] establishing standards first and then M&M and RIL Analytics of Entity Ratings for both. [12+296-308 PBs] [Part 5]

My findings: C – Corporate Governance goes by Newton’s 3rd Law. Establish Standards first.

I have taken stats from the published Annual Reports for both the companies in collating info for 2021 to 2024. Standard CAGR and CARR are set @15% for most cases and @3% CARR for consumption. Entity Rating is derived.

This post discusses the GDP break-up of India with Agriculture, Industry and Service Sectors as of 2022-23 [US$2.981 trillion] and projecting to 2030 [US$5 trillion]. In this context Corporate participation in Profitability and Growth Index is explored as to how they would move forward with Modi’s Viksit Bharat 2047 in sight.

In this respect I found, being an age-old CA, the inadequacy of Accounting as a tool of management for decision making. Hence I propose in this study a focus on shifting from traditional accounting to accountability, with an emphasis on setting targets for 2030 and tracking performance, using CDGR and CDRR – Daily

1. Accounting is not based on science, but is a debit credit hypothesis. It has tied down the management to ex post facto analytics.
2. Accounting cannot bring in Accountability but corporate governance can. I propose a strategy of dividing large workforce into small 5-member teams, unleashing the energy of all.
3. In Corporate Governance analytics, disparate companies like e.g., ICICI Bank or Deloitte can be compared with say Bajaj Auto.
4. My study proves the need for an independent ICGI.

Regards
Jayaraman
 
PS: PDF file sans audio

Regards,
Jayaraman

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




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

Accounting Quality.mp3

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

Measuring Corporate Governance

Measuring Corporate Governance

In continuation of my mission to establish ICGI – The Institute of Corporate Governance of India [As a Statutory Body under an Act of Parliament] I am presenting here the fourth part of the series CREAM Report –  CREAM Report A Accounting Quality – Material Accounting Policies – M&M Analytics
Corporate Governance Architecture:
Accounting is Object-oriented, transactional, and quantitative, and Object Governance is used.
Accountability is subject-oriented, non-transactional, and qualitative, and subject governance is used. Extended to the Society Self-Governance is used.CREAM Report A Accounting Quality – Material Accounting Policies – M&M AnalyticsHere are 5 key points summarizing the transcript:1. The transcript distinguishes between accounting (object-oriented, transactional, quantitative) and accountability (subject-oriented, non-transactional, qualitative) in corporate governance.2. It emphasizes the importance of management’s responsibility in ensuring compliance with laws and regulations, particularly in areas like intangible assets and revenue recognition.3. The transcript introduces a corporate governance framework called CREAM Report (Corporate Governance, Risk Management, Earnings, Accounting Quality, and Management Quality) with 296 open-ended process blocks for evaluation.

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.

 
Transcript Message for PSBs:

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.

 
Regards
Jayaraman
 
PS: PDF file sans audio

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Jayaraman

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Podcast Episode #73 CREAM Report R Risk Management & Internal Controls – M&M Analytics




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Podcast Episode #73 CREAM Report R Risk Management & Internal Controls – M&M Analytics

mp3Audio : Risk Management and IC.mp3

 

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Podcast Episode #73 CREAM Report R Risk Management & Internal Controls – M&M Analytics : Risk Management and IC

Measuring Corporate Governance

Measuring Corporate Governance

The biggest of all the risks is the lack of Accountability.

CREAM Report R Risk Management & Internal Controls – M&M Analytics – 5 criteria

In continuation of my mission to establish ICGI – The Institute of Corporate Governance of India [As a Statutory Body under an Act of Parliament] I am presenting here the third part of the series CREAM Report – R Risk Management & Internal Controls – M&M Analytics.

Under Risk Management I present 5 criteria as set by M&M and under Internal Controls – COSO Framework.

We took upon Management Quality – The Board of Directors – Committees – SEBI – LODR 17-27 and Vigil Mechanism #22 of SEBI with M&M CoC implanted. These are governance rules and regulations set by SEBI and others.

Now with Risk Management under purview we are examining the quality set forth by companies. In this case study, it is from M&M. The biggest of all the risks is the lack of Accountability. So it is the Guidance Note companies must look at, to create a qualitative management operating system for setting standards under a variety of criteria as applicable to each company. Corporate Governance follows how the set standards are acted upon by EPP – Effort per Person so that Accountability factor is ensured. I have taken note of 5 such criteria set by M&M.

1. The Ratings System
The 5 criteria analyzed are:

1. Water Security. The proposed system provides detailed data insights into individual and team performance, which could be valuable for company reporting, accountability, and optimizing employee productivity.

2. Carbon Emissions – The importance of setting clear targets with specific dates (e.g., carbon neutral by 2040) and tracking progress using CAGR and CARR (Compound Annual Reduction Rate) is highlighted.

3. Product Stewardship – clean automotive products, product improvement roadmaps, and new initiatives.

Three Risk areas are analyzed: 1. The importance of integrating economic, social, and environmental goals, 2. The status of R&D in the Six stages of Transformation and 3. Intangible Assets as to why it is a big financial risk as is now for India.

4. Health & Safety – The system aims with ISO 45001 to include: leadership commitment, worker participation, legal and regulatory compliance, incident investigation, and continual improvement, providing a healthy and safe working environment for their employees and visitors.

5. Sustainable Supply Chain – is proposed in a risk management system measured for Index of Inactivity by Process Areas [24 Process Blocks] and Index of Inactivity by Resource Areas of selected Suppliers with Suppliers rated on a 5-point scale for performance.

The 5 criteria are summarized as to the matrix by resource area and process area for 34 process blocks totally.

COSO Framework: Same as to Internal Controls of 5 process blocks is presented.

Essence of Economics lies in risk taking as the saying goes, go ahead take the risks, standardizing the corporate critical density benchmarks.

Regards,
Jayaraman

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Podcast Episode #72 Vigil Mechanism – #22 – The critical SEBI Regulation for Corporate Governance Standards




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Podcast Episode #72 Vigil Mechanism – #22 – The critical SEBI Regulation for Corporate Governance Standards

mp3Audio : Vigil Mechanism – #22

 

 

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For this post: Podcast Episode #72 Vigil Mechanism – #22 Vigil Mechanism – LODR 22

Measuring Corporate Governance

Measuring Corporate Governance

Vigil Mechanism – #22 – The critical SEBI Regulation for Corporate Governance Standards

Already I posted on this subject Vigil Mechanism – Replace Whistle Blower Policy with Corporate Culture. It was my Youtube video presentation that I was keen my voice being heard. True, many have heard it but the text and Tables were not properly displayed at all in the video that is more important than my voice. Hence, I have created a pdf presentation on the same subject with voice links and Transcript attached. You can download. pdf is better.

Vigil Mechanism #22 IMO is the most important in SEBI LODR – 17 to 27 and I find #22 is the least elaborated by SEBI. To quote from my voice message: Q: “It’s easy to see 38 people in Tata Steel have been sacked because CoC they did not comply with. I don’t think it is correct. What is very important, even in the football analogy there is a whistleblower who is the coach or the referee who blows the whistle and shows the red card. No, I don’t agree with that. UQ

I may add here “PM Modi comes down on non performers, asks ministers to retire any staffer in ‘public interest’ “

This is Theory X – managers use rewards and punishments to motivate employees.

My voice says: Q: This is what is very important the individuals, any number of individuals who are very good, doing extremely well, and the other guys. I created a team of five. One for ethical and four for fiscal responsibility people. These people help each other to come to get the optimum level of performance. Can come by knowing, my principle of Return on Intangible where the numerator is action or inaction and the denominator THE intangible. Intangible is a powerhouse, for each person, a potter to the nuclear scientist. If you go through the synapses and neurons that work in any ordinary human being I mean the mathematics is not available that’s what the neuro experts say which is more than that of the stars in the galaxy, for each person, for each janitor. Our capability, what we can do for anybody is something very great.

And number one is establishing corporate culture. That is the most important thing that I like to stress. You cannot give a protection to a guy, with a whistle-blowing policy by telling that you can be protected if you go to the chairperson of the audit committee. It will not happen. And it had not happened, as in the case of Enron long after they had been caught red handed. UQ

Peter Drucker, said that the purpose of an organization is to enable ordinary people to do extraordinary things. Give Gen Z their future. We are stuck with spot-jogging that tires you out but does not move forward. Take a change – SEBI?

Regards,
Jayaraman

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Podcast Episode #71 Strengthen the Independent Directors




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Podcast Episode #71 Strengthen the Independent Directors

mp3Audio : The Board – Committees – LODR 

Video

 

pdf for Download:

Measuring Corporate Governance

Strengthen the Independent Directors

In continuation of my mission to establish ICGI – Institute of Corporate Governance of India [As a Statutory Body under an Act of Parliament] I am presenting here the first part of the series:

CREAM Report,
M, Management Quality – The Board of Directors – Committees – SEBI – LODR 17-27

Some of the Critical Control Points I would like SEBI to address:

1. Chapter IV states: “a listed entity having paid up equity share capital not exceeding rupees ten crore and net worth not exceeding rupees twenty five crore, para C , D and E of Schedule V shall not apply.” Why?

2. Governance is a dynamic function

The Board of Directors and the Committees function on an ex post facto principle. Cases such as Piramal Capital Ex-MD Khushru Jijina, Anil Ambani being banned from the securities market, the colo facility to TMs in NSE co-location Inquiry have clearly shown the ineffectiveness of an Audit Committee in an organization.

3. Role of CRAs:

By Dr. Veerappa Moily Standing Committee Report: The Committee noted on the Regulatory Framework that CRAs have progressed  from rating simple debt products to complex debt structures, covering a wide range of products and services like securities, bank loans, commercial papers, and fixed deposits, but questioned the role of CRAs in overrating the entities.. Hence, LODR – Chapter IV should look into the capability of credit rating agencies in rating these instruments.

SEBI should seriously look into why Accountability remains a daydream and that ex-post-facto punishment is too late syndrome. Mere compliance certificate by Part B Schedule II is not sufficient. SEBI must look into strengthening the position of the Independent Directors very greatly ASAP.

The Board of Directors LODR 17 – 27 and Committees LODR 17 – 27 Analytics with Index of Inactivity by Process Area and Index of Inactivity by Resource Area for each is presented here.

Regards,
Jayaraman

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