Context: Inconsistencies between accounting treatment and accounting policies, understandably give rise to questions that impact on credibility.
Points to ponder
Context: A listed infrastructure Company and its material subsidiary came to adverse notice because of alleged siphoning off of funds. Processes, integral to the functioning of the Company, seem to have been ignored.
Points to ponder
Context: A large chemical company knew that allegations and complaints cannot be wished away. Corporate Governance is about analysing complaints, taking corrective action when required, and communicating to the relevant audience. Could anything better have been done?
Context: The foreign subsidiary of a leading chemical company saw its auditors resign. Auditors resign for several reasons. However, resigning for want of capacity is not normally heard of. Was it a case of biting more than one can chew?
Context: An FMCG company with pan-India presence, which was the flavour of the season, turned sour because of poor Corporate Governance. With Statutory Auditors rapidly moving through the revolving door, should alarm signals not have been seen and acted upon?
Context: A large private sector bank, with disproportionate high visibility for a few years, faced a unique problem. The Chairperson of the Audit Committee, which is the ultimate custodian of the stakeholders’ interest, saw several things going wrong, and decided to confront the management. What were the failings, and on whose part?
Context: Corporate Governance lapses in a large media company, led to the exits of some Directors, with others staying on while concerns continue to surface. Simultaneously, the Promoters were in the news for the wrong reasons. Was it a case of the Audit Committee doing too little too late?
Context:In a large listed company in the garments and apparels segment, Related Party Transactions demonstrated clear conflicts of interest. They did not meet either of the requirements of the transactions being in the ordinary course of business and at arm’s length pricing. Should the Audit Committee have been caught napping, while this drama was being played out?
Context:This large and popular airline company, which had seen good times, discovered that the truth does not remain hidden for very long. When numbers do not add up, and the future of the airline is a matter of doubt with the auditors, irregularities surface with gay abandon. Could the Audit Committee have seen the writing on the wall, and could the high profile Board have behaved in less sub-servient fashion?