Q: What are the changes that you see in your peer group of independent directors?A: Today, directors are very, very conscious that very serious liabilities could be on their head if things go seriously wrong or if some big fraud was to come about in the organisation that they could not rectify, control or resolve. In terms of being conscious of the role of the director, India has moved a lot in the last 10-12 years.Q: One view is that given the stringent requirements, being an independent director is simply not worth the trouble…A: (laughs) Yes, I agree with you.Q: So is it a deterrent?A: For someone without practice and knowledge, it can be a deterrent. For sure.Q: So there is a need for skills...A: Yes, especially if you are going to be on the audit committee whether as a chair or a member. Audit committee by far is the most complex of Board committees. And in case of non-banking (finance) companies or a banking company it is infinitely more complex.Even today the fees paid by … [Read more...] about What is a good way to run an Audit Committee?
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Accordingly, the insurance regulator at its meeting held on December 20, decided to defer the implementation of the new norms indefinitely.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about IRDAI defers new accounting norms for insurers
While everything is linked, the basic issue is that this wheel does not work because professionals are not standing up. That can only change due to punitive legislation. I think CFOs must be made criminally liable for participating in cases of outright fraud. The intent of the promoter is actually executed by the CFO. In 95 percent of the cases, unless the CFO is involved you cannot perpetrate a fraud. So, punitive legislation to make CFOs legally liable, (if not criminally liable) is very, very important. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
Here the details of the shipping bill are filed against the corresponding GST export invoices and submitted in GST returns. However, integrating the bill of entry filed at the time of clearance of goods from port with the GSTN portal of the registered person such as the return form GSTR 2A in case of domestic buying, will ideally help in eliminating the black market for goods. This is likely to plug another leakage point for GST revenue. The same is in line with the international best practices followed by countries which have implemented the GST/ VAT regime. … [Read more...] about 2020 promises key GST milestones
The Clearview app may have set off alarm bells because of its broadness of scope. The app can scan the face of anybody in public and match it against a huge database of images scraped from the web.But most law enforcement agencies use facial recognition tech in a more focused way than Clearview AI’s offering, says Jon Gacek, the head of government, legal and compliance for Veritone, which provides recognition technology to law enforcement agencies in the U.S. and Europe. … [Read more...] about Privacy groups want a federal facial-recognition ban, but it’s a long shot