Need For Corporate Governance
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Why do corporations continue to fail, regardless of the increase (or decrease) in regulatory efforts? Until management adopts a "risk-centric" stance, we will continue to repeat the sins of the past...
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This document discusses creating a shareholders trust in India to offset management control. It proposes establishing a trust under the Indian Trust Act of 1882, with management acting as trustees and shareholders as beneficiaries. This would make management impartial and accountable to shareholders. Currently, shareholders have little power while management has full control. A trust could guarantee shareholders a return and prevent losses, while making management answerable. It would give investors greater rights and encourage more investment in companies.
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Corporate governance refers to the set of relationships between a company's management, board, shareholders, and other stakeholders. It provides the framework for achieving business objectives while balancing various stakeholder interests through transparency, accountability, and fairness. Good corporate governance encourages efficient use of resources and accountability to improve corporate performance and access to capital. It benefits companies and economies by promoting sustained economic growth and poverty reduction. In Pakistan, corporate governance codes aim to strengthen protections for minority shareholders and require transparency, accountability, and board independence to better safeguard stakeholder interests.
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The document discusses corporate governance principles and practices with reference to international standards. It provides definitions of corporate governance, lists its key principles like sustainable stakeholder development and social responsibility. It outlines the four pillars of corporate governance as accountability, transparency, responsibility and fairness. The document then traces the historical development of corporate governance codes in the US, UK and India and highlights various committee recommendations that shaped governance standards. Finally, it discusses key aspects of Clause 49 of the Indian listing agreement on board composition, disclosure and transparency requirements.
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Corporate governance involves balancing economic and social goals as well as individual and group interests. The primary purpose is to create wealth legally and ethically by satisfying key stakeholders. Good governance requires mechanisms for internal control by boards and managers as well as external control through regulations, markets and stakeholders. In India, corporate governance initiatives began in the 1990s led by industry groups and later the securities regulator SEBI. Key reforms strengthened board independence and financial disclosure standards. While standards have improved, further training of directors and ensuring the spirit not just letter of regulations remains an ongoing challenge.
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Corporate governance involves balancing economic and social goals as well as individual and group interests. The primary purpose is to create wealth legally and ethically by satisfying key stakeholders. Good governance requires mechanisms for internal control by boards and managers as well as external control through regulations, markets and stakeholders. In India, corporate governance initiatives began in the 1990s led by industry groups and later the securities regulator SEBI. Key reforms strengthened board independence and financial disclosure standards. While standards have improved, further training of directors and ensuring the spirit not just letter of regulations remains an ongoing challenge.
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- It requires at least one woman director, minimum number of independent directors, limits on number of directorships a person can hold, and duties and liabilities of directors.
- It introduces concepts like mandatory committees, related party transactions disclosure, and corporate social responsibility reporting. The objective is to increase transparency and accountability in companies.
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composition, CEO duality, and leverage. The study found that board size was negatively related to financial
performance, while board composition, separation of the CEO and chair roles, and leverage were positively
related to financial performance. Good corporate governance is important for firm success and the economic
well-being of Kenya, but governance practices need further improvement in the country's insurance industry.
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directed and controlled". It involves regulatory and market
mechanisms, and the roles and relationships between a
company’s management, its board, its shareholders and other
stakeholders, and the goals for which the corporation is
governed. In contemporary business corporations, the main
external stakeholder groups are shareholders, debt holders,
trade creditors, suppliers, customers and communities affected
by the corporation's activities. Internal stakeholders are the
board of directors, executives, and other employees.
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Corporate governance involves systems to monitor management and prevent self-interested behavior that harms shareholders. The HealthSouth case shows how failures in oversight by boards, auditors, and analysts allowed fraud. Governance aims to reduce agency costs from the separation of ownership and control of companies. However, individuals and firms are also influenced by moral and social factors beyond just self-interest. Effective governance systems consider both shareholder and stakeholder interests, and are shaped by external laws and cultural norms.
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company’s management, its board, its shareholders and other
stakeholders, and the goals for which the corporation is
governed. In contemporary business corporations, the main
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The document discusses internal audit and review reports. It explains that internal auditors, external auditors, and consultants provide reports to management that provide evidence of work performed, conclusions reached, and recommendations made. The quality of these reports is important for adding value. Draft reports are often discussed with management and responses are incorporated. External auditor reports deal with issues relating to internal controls, weaknesses in systems, and recommendations. Internal audit engagements have a variety of objectives as part of corporate governance arrangements.
Internal Audit Of The California Department Of Public...
The internal audit department aims to maintain independence and objectivity as outlined by the International Institute of Internal Auditors. While internal auditors are organization employees, they report functionally to the board of directors or audit committee and not operational management to avoid potential bias. The department also has a quality assurance program that includes periodic external assessments to ensure audits are performed properly. Maintaining independence is important for the internal audit department to add value and provide assurance to the organization.
13 internal controls
This document discusses internal controls and the role of chartered accountants in developing and maintaining effective internal control systems. It defines internal controls and outlines their importance for mitigating risks and preventing issues like fraud. It describes the skills chartered accountants can contribute in areas like developing control standards, identifying gaps, monitoring controls, and assisting with regulatory compliance. The document also provides a brief history of the development of internal controls and key frameworks/regulations globally and in India.
Tyco Internal Audit Case Study
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Internal Controls And Its Effects On The Oversight Of...
The document discusses the importance of internal controls for organizations. It states that internal controls help safeguard assets, maintain accurate records, promote efficient operations, and ensure compliance with regulations. Without proper internal controls, organizations face security threats and risks. Internal controls help organizations reduce risk and create value.
I0955965
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Internal Financial Controls
The document discusses internal financial controls (IFC) as mandated by the Companies Act of 2013 in India. It provides an overview of key aspects of IFC including definitions, requirements for boards of directors, audit committees and independent auditors. It also discusses the COSO framework that is widely used for IFC and provides a roadmap for implementing IFC including assessing current controls, developing a framework, implementing controls, monitoring and testing. Case studies of control failures at companies like Enron, Worldcom and Satyam are also summarized.
Fice Of Internal Audit
The document discusses internal audits conducted by companies of their own business operations. It states that internal audits are conducted professionally and objectively to provide management an unbiased view of company operations. They are often performed by outside agencies or privately hired internal auditors. Companies may have full internal audit staffs that continuously audit various operations. Auditors report to an audit committee overseen by the board of directors and make recommendations to management and the board. Most adjustments from internal audits relate to protecting employee privacy and sensitive intellectual property. All internal audits are announced while external audits may be unannounced. Affected departments are notified in writing before an internal audit and must provide requested documents.
Audit Committee
The "Big 4" audit firms - PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte - dominate the global financial audit market. While they audit most large multinational companies, concerns have been raised about risks to audit quality from a lack of competition. Some proposals to address this include mandatory audit firm rotation or increased regulatory oversight of the audit process. However, others argue this could increase costs for companies without necessarily improving quality. Overall, there is debate around how to strengthen independence and effectiveness within the concentrated global audit industry.
Sox In Telecom Industry
The document discusses the Sarbanes-Oxley Act and its implications for telecom companies. It requires executives to certify financial reports, establishes oversight of auditors, and aims to increase accuracy and reliability of corporate disclosures. For telecom companies, complying with SOX can help reduce revenue leakages, align data flows, and accelerate initiatives to plug leakage points.
Introduction to Forensic Accounting
This document provides an overview of forensic accounting. It begins by defining forensic accounting as involving investigative services and litigation support related to fraud investigations and legal actions. It describes the roles of investigative forensic accountants and forensic accountants providing litigation support. It provides examples of situations forensic accountants investigate, such as employee theft, vendor fraud, and tax evasion. It also discusses the Association of Certified Fraud Examiners and internal auditing.
Introduction to Forensic Accounting
This document provides an overview of forensic accounting. It begins by defining forensic accounting as involving investigative services and litigation support related to fraud investigations and legal actions. It describes the roles of investigative forensic accountants and forensic accountants providing litigation support. It provides examples of situations forensic accountants investigate, such as employee theft, vendor fraud, and tax evasion. It also discusses the Association of Certified Fraud Examiners and internal auditing.
01 linkage of risk to governance processes
This document discusses risk-based auditing and corporate governance. It covers:
- The five key elements of good corporate governance including board practices, control environment, disclosure, shareholder rights.
- The board's role in governing risk, including evaluating risks, crisis management, and communicating with stakeholders.
- Best practices for boards like independence, role definition, and evaluation.
- The role of the CEO and CFO in governance and required disclosures around internal controls, accounting policies, and fraud.
- How external auditors assess risk and focus their audit based on the risk of material misstatements and internal control deficiencies.
- The role of internal auditors in assisting with risk management.
The Sarbanes Oxley ( Sox ) Act
The document discusses issues with electronic voting machines and argues they should be moved away from. It provides reasons why electronic voting is wrong, noting electronic machines are prone to errors and hacking since many do not keep paper records of votes. They can also have outdated technology vulnerable to security risks. The document recommends finding an alternate voting method that is more precise and secure.
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Combining Corporate Governance with Internal Leadership
This document discusses corporate governance and internal leadership. It defines corporate governance as monitoring all stakeholders, including employees, to protect interests and ensure compliance. Good governance provides systems and processes to direct the company toward its goals while benefiting stakeholders. Ultimately, senior leaders and boards are responsible for governance, while employees must comply.
The document argues that combining strong corporate governance with internal leadership can revolutionize a company's competitive edge. Internal leadership focuses on strategically engaging and aligning all employees to help the business grow. When employees understand and are motivated to help the business, it can significantly reduce costs from issues like turnover and improve productivity and innovation.
Tip of the Compliance Iceberg
This document discusses corporate compliance with the Sarbanes-Oxley Act and achieving an effective internal control environment based on the COSO framework. It argues that while many companies have focused on complying with specific SOX sections like 404, true compliance requires addressing the full depth of the "compliance iceberg" as defined by COSO. This includes controls for operations, compliance with other regulations, and unique organizational processes. It also emphasizes that compliance requires adhering to the spirit of establishing effective controls, not just the letter of satisfying individual SOX sections. Monitoring and separate evaluation are key to ensuring controls are properly implemented and maintained throughout an organization.
After Sarbanes Oxley
This document discusses the need for strong corporate governance following the passage of the Sarbanes-Oxley Act of 2002. It summarizes the historical events that led to its passage, including the market crash of 1929 and subsequent legislation in the 1930s. However, it notes that human behavior continued to undermine corporate governance efforts over time. The document emphasizes the importance of understanding human nature and behavior within organizations in order to establish effective internal control frameworks and independent oversight of corporate activities.
Risk Factor 9 05 Issue
This summary provides the key points from the document in 3 sentences:
Basel II compliance measures aim to strengthen risk management in banks but many are unprepared for the new regulations taking effect in 2006, with only 5% of large banks implementing components and costs expected to exceed $61 million. Experts recommend splitting compliance teams or breaking down silos to focus on routine processing separately from compliance strategies, and comparing current practices to the three pillars of Basel II to determine readiness. Risk management advocates argue for adopting a proactive approach rather than panic, noting opportunities to leverage existing risk management tools and compliance best practices from Sarbanes-Oxley to facilitate Basel II adoption.
CEO Magazine 09 05
The document discusses whether executives should fight or accept the Sarbanes-Oxley (SOX) regulations. It argues that SOX itself is not the problem, but the regulations enacted by the SEC and PCAOB have caused massive costs for businesses. It advocates that executives should continue lobbying to revise the implementation rules, establish an independent agency to provide practical guidance, and reduce reliance on manual controls by using automated risk monitoring tools. The goal is to correct the power imbalance between management and auditors and lower the substantial costs businesses face from the current SOX regulations.
Sarbanes Oxleys Impact On The Coso Cube
Sarbanes-Oxley's impact on the COSO cube is that it strengthened the five components of internal control - control environment, risk assessment, control activities, information and communication, and monitoring. Specifically, it increased requirements for documenting and testing internal controls, monitoring IT systems for issues, ensuring proper IT policies and procedures are in place, and establishing senior management's oversight of the internal control system.
The Sane Solution To Sox Costs
The document proposes a continuous monitoring solution to reduce the high costs of Sarbanes-Oxley Section 404 compliance. It recommends building a system for perpetual governance monitoring using automation tools and ongoing testing to replace annual audits. A pyramid model is presented incorporating oversight, planning, software, and hardware components. A methodology is outlined involving assessing risks, documenting controls, testing processes, and reporting results. Benefits include reduced audit costs through one-time testing of automated controls versus repetitive tests of manual controls.
Cf O Magazine blog comment
The PCAOB responded quickly to complaints about overly burdensome 404 audits by releasing new guidance and a Q&A to clarify that auditors should exercise judgment and make audits more risk-based and cost-efficient. It is unclear if the new guidance will significantly reduce costs as intended. While the PCAOB and auditors estimate a 46% reduction in compliance costs next year, some business groups were skeptical of that projection. The PCAOB addressed major complaints around areas like annual testing of automated controls and documentation requirements. Overall the changes aim to make audits less rigid and more tailored but opinions differ on how effective the changes will be.
Tip Of The Compliance Iceberg
Sarbanes-Oxley Section 404 requires companies to assess and report on the effectiveness of their internal controls. However, many companies have only addressed the requirements of Section 404 itself, which represents just the "tip of the compliance iceberg." To fully comply with the spirit of Sarbanes-Oxley, companies need to implement the integrated internal control framework as defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The COSO framework addresses five components of internal control - control environment, risk assessment, control activities, information and communication, and monitoring - that encompass controls over financial reporting as well as operational and compliance areas. Properly addressing all elements of the COSO framework
Corporate Governance
After Sarbanes-Oxley, companies must embrace strong internal control frameworks and the tenets of corporate governance. The Sarbanes-Oxley Act of 2002 was passed in response to accounting scandals and aimed to increase transparency and accountability in financial reporting. However, it did not define the role of internal auditors in ensuring corporate governance goals. Repeated corporate failures show that voluntary guidelines are insufficient and that mandated internal control frameworks with independent governance are needed to prevent recurring issues stemming from human behaviors like greed, rationalization, and pride.
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Need For Corporate Governance
- 1. The Importance of Governance In a Regulatory World Dwayne Jorgensen, CIA, CFE Consultant, Governance Services Spirit Consulting Services
- 7. Human Nature The Need For Governance Unconsciously incompetent Consciously incompetent Consciously competent Unconsciously competent
- 8. Human Nature The Need For Governance Unconsciously incompetent Consciously incompetent Consciously competent Unconsciously competent
- 22. COSO – ERM Framework Have You Started Yet?
- 26. The Compliance Iceberg Industry Compliance Standards
- 31. Proposed CM Solution Pyramid Hardware/Data Integrity Component EMC: Centera ® , Proofspace encryption, record management automation Software Component Various vendor process automation products: Ex.: Documentum ® , Movaris OneClose ® , ACL CCM ® Co-sourcing component? Independent IT test services Planning Component SOX methodology: Assess, document, test, report Oversight Component “ Tone at the top”: Executive buy-in, “spirit” vs. “letter”
- 32. Sarbanes-Oxley’s Impact on the COSO Cube IT Components Section 302 Section 409 Section 404 Risk Assessment Control Environment IT Risk Management, IT Risk Assessments, Business Impact Analysis “ Tone at the top”, IT Governance, Regulatory Compliance Firewalls, Security, DRP, Business Continuity, SDLC, Change Control, Operations IT Policies, Standards & Procedures Email, Scorecards, Dashboards, Project Control, Help Desk Server Logs, Database Logs, Firewall Logs, Intrusion Detection, Incident Response, Awareness Training Monitoring Information & Communication Control Activities
- 33. CM Solution Requirements One Close® Organizational Consulting ACL CCM/ One Close ® Documentum ® One Close ® Technology (HW/SW) People (staff, mgmt.) Risk Assessment Control Environment Monitoring Information & Communication Control Activities Resources needed Tool or process needed (examples only):
- 35. Internal Control Maturity Model Control structure is not defined. Control occurs incidentally. Control structure is not defined, but control processes may occur based on past success and management oversight. Control structure is documented, standardized and integrated into control processes for the organization. The control process is regularly assessed and tested. Detailed measures of the control process are collected and reported. Continuous process improvement is enabled by quantitative feedback from the control process. Initial Repeatable Defined Managed Optimizing Predictability, effectiveness and efficiency of an organization's internal controls improve as the organization moves through these five stages. Initial Repeatable Defined Managed Optimizing
- 41. Illustrative Assessment Work Plan
- 52. Risk-based Approach: Examples Business Processes Alignment Business Continuity Compliance Contracting Empowerment Environmental Fraud Health and Safety Illegal Activities Management Information Obsolescence/Shrinkage Product/Service Quality Relevance Unauthorized Use Technology Availability Access Functionality Integrity Usability Functional Risk Finance Collateral Counterparty Credit Currency Derivatives Interest Rate Liquidity Reinvestment Settlement Financial Reporting Financial Assessment Evaluation Financial Statement Falsification Regulatory Reporting Taxation Strategic Risk Capital Availability Competition Financial Markets Flexibility Industry Leadership Legal Regulatory Product Life Cycle Product Development Reputation Trademark Erosion Sovereign Strategic Assumptions Valuation Authority Bench Strength Budgeting & Planning Capacity Commodity Communication Cycle Time Efficiency Human Resources Organization Structures Performance Metrics Pricing Resource Allocation Supplier Technology Selection Technology Deployment Conversion Risk
- 55. Questions?
- 59. Thank You!