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Section I The Need for Corporate Governance 2 Section I The Need for Corporate Governance 2

Section II Conceptualizing Corporate Governance 3 Section II Conceptualizing Corporate Governance 3

Conceptualizing Corporate Governance (Contd. ) 4 Conceptualizing Corporate Governance (Contd. ) 4

Conceptualizing Corporate Governance (Contd. ) 5 Conceptualizing Corporate Governance (Contd. ) 5

Section III Evolution of Systems of Accountability: Indian Initiatives 6 Section III Evolution of Systems of Accountability: Indian Initiatives 6

7 7

SOX 8 SOX 8

SOX-Brief Overview 9 SOX-Brief Overview 9

SOX-Brief Overview (Contd. ) 10 SOX-Brief Overview (Contd. ) 10

SOX-Brief Overview (Contd. ) 11 SOX-Brief Overview (Contd. ) 11

SOX-Brief Overview (Contd. ) 12 SOX-Brief Overview (Contd. ) 12

Major Areas of Debate 13 Major Areas of Debate 13

Section IV Director: The Fiduciary 14 Section IV Director: The Fiduciary 14

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General Duties of Directors 16 General Duties of Directors 16

Duty of Care and Skill 17 Duty of Care and Skill 17

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Duty of Care and Skill (Contd. ) 19 Duty of Care and Skill (Contd. ) 19

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Duty in Relation to Corporate Opportunity 21 Duty in Relation to Corporate Opportunity 21

Corporate Opportunity 22 Corporate Opportunity 22

Liabilities of Directors 23 Liabilities of Directors 23

Derivative Action 24 Derivative Action 24

Statutory Liability 25 Statutory Liability 25

Director: Legal Provisions 26 Director: Legal Provisions 26

Director: Legal Provisions (Contd. ) 27 Director: Legal Provisions (Contd. ) 27

Issues for Consideration 28 Issues for Consideration 28

Independent Directors 29 Independent Directors 29

Who is an Independent Director? 30 Who is an Independent Director? 30

What is Independence? 31 What is Independence? 31

What is Independence? (Contd. ) 32 What is Independence? (Contd. ) 32

Independent Directors 33 Independent Directors 33

Audit Committee 34 Audit Committee 34

Audit Committee (Contd. ) 35 Audit Committee (Contd. ) 35

Audit Committee (Contd. ) 36 Audit Committee (Contd. ) 36

Audit Committee (Contd. ) 37 Audit Committee (Contd. ) 37

Section V Auditors: The Watchful Eye 38 Section V Auditors: The Watchful Eye 38

Section V Auditors: The Watchful Eye 39 Section V Auditors: The Watchful Eye 39

Auditor’s Liability 40 Auditor’s Liability 40

Auditor’s Liability (Contd. ) 41 Auditor’s Liability (Contd. ) 41

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Issues for Consideration 44 Issues for Consideration 44

Similarities between US position & Indian Proposals 45 Similarities between US position & Indian Proposals 45

Comparison between US & Indian Position 46 Comparison between US & Indian Position 46

Proposed Amendments 47 Proposed Amendments 47

Section VI Reinventing Corporate Governance in India 48 Section VI Reinventing Corporate Governance in India 48

Reinventing Corporate Governance in India (Contd. ) 49 Reinventing Corporate Governance in India (Contd. ) 49

Reinventing Corporate Governance in India (Contd. ) 50 Reinventing Corporate Governance in India (Contd. ) 50

Conclusion 51 Conclusion 51

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How to be there. . , 57 How to be there. . , 57

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Financial Reporting Assertions 61 Financial Reporting Assertions 61

Documentation standards 62 Documentation standards 62

Objectives of a walkthrough 63 Objectives of a walkthrough 63

Gaps in Controls 64 Gaps in Controls 64

Scope 65 Scope 65

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