Monthly Archives: January 2013

My Top 10 Good Governance Quotes

1. “Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship … Continue reading

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AUDIT enhances capital market credibility

Financial audits have many uses to a company like;  * Improve controls & processes due to the auditor focussing on design and operating effectiveness of controls, * Develop proper accounting methodology for estimating values and making judgments on matters relating … Continue reading

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Driving on the roads of Sri Lanka and Governance

While I was driving to work today I observed that if I followed the road rules, there were people behind honking their horns, forcing me to break some rule, otherwise they were also being held up because of others overtaking, … Continue reading

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Importance of Succession planning

Let me use the Sri Lankan cricket team to explain why Corporates and sports teams alike should plan for succession of key people. Sri Lanka was given a boxing day test in Australia after 17 odd years and you would … Continue reading

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“See no evil, hear no evil” defense by Independent Directors 

Independent directors are the trustees of good corporate governance. An active and involved board consisting of professional and truly independent directors plays an important role in creating trust between a company and its investors. To be considered independent a director must … Continue reading

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Knowledgeable Directors’ views on the Value of AUDIT

Directors who are sensitive about their fiduciary duty accept that the statutory audit enhances integrity and credibility of the financial statements; the sharing of best practices by the auditor helps to improve the financial reporting process and strengthen the system of … Continue reading

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Value of AUDIT

Every Director who takes up the position should be made to understand the following. After every collapse of a large company, the debate on audit quality springs up. Some ask, If audits were really worth anything? After all, the big … Continue reading

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