CII task force advocates standardisation in corporate governance

by Business Standard, December 17, 2009.

With an increased focus on transparency in balance sheets in India Inc., the Confederation of Indian Industry (CII), Gujarat Chapter, organised an exclusive CFO forum on ‘Corporate Governance’ in Ahmedabad. The forum called for setting up a committee to pursue standardisation of disclaimers given by independent auditors, among other things.

The forum was organised to highlight latest trends in corporate governance and share perceptions, experience of the CFOs and CEOs on the governance practices and the new challenges for the industries. The forum also exchanged ideas and opinions about Corporate Governance as an effective tool to enhance trust among the stake holders and highlighted the issues raised in the report compiled by CII task force on Corporate Governance.

“There is an increased need of independent auditors who need to be separated from auditing companies. There is a risk in relying on auditing companies and an independent auditor will have to rely on himself. A task force set up by CII on corporate governance, in fact, has advocated setting up of a committee by a company to standardise disclaimers given by these auditors,” said Sugata Sircar, chairman – CII’s CFO Forum 2009 and finance director, Gujarat Gas Company Ltd…(continue reading)

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