Naresh Chandra Committee Report

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Published on March 5, 2014

Author: sahanahiremath1

Source: slideshare.net

NARESH CHANDRA Committee REPORT 2002 PRESENTED BY: SAHANA HIREMATH M.COM III Sem

CORPORATE GOVERNANCE IN THE EYE OF KAUTILYA  • Kautilya’s view regarding governing a monarchy is equally applicable in successfully running a corporate sector in modern business context. Strict Corporate Governance can win the confidence of; Government ,employees, customers & other stakeholders

What is CORPORATE GOVERNANCE?

NARESH CHANDRA COMMITEE report 2002 ROAD TO CORPORATE GOVERNANCE

RECOMMENDATIONS: AUDITOR COMPANY RELATIONSHIP AUDTING THE AUDITORS INDEPENDENT DIRECTORS OTHER RECOMMENDATIONS

AUDITOR & COMPANY RELATIONSHIP Certification of annual audited accounts by CEO & CFO

AUDITING THE

SETTING UP THE INDEPENDENT QUALITY REVIEW BOARD There should be established, with appropriate legislative support, three independent Quality Review Boards (QRB), one each for the ICAI, the ICSI and ICWAI, to periodically examine and review the quality of audit, secretarial and cost accounting firms, and pass judgement and comments on the quality and sufficiency of systems, infrastructure and practices.

PROPOSED DISCIPLINARY MECHANISM FOR THE AUDITORS: Dealing with the complaint cases Disciplinary committee framed by ICAI Publication of the punishment awarded Funding

INDEPENDENT DIRECTORS

DEFINATION • Free from business or any other relationship with co. PERECENTAGE • 50% of directors have to be independent directors BOARD SIZE • In all the listed & unlisted co.s 4 out of 7 have to be independent directors

AUDIT COMMITEE CHARTER EXEMPTION FROM CERTAIN LIABLITIES • This will serve as the Committee’s ‘action taken report’ to the shareholders • Exempted from civil & criminal liability • Training program for TRAINING independent directors

THANK YOU OPEN FOR QUERIES

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