Does the Board ask the right questions????
By CA Anand Prakash Jangid
Off late, I question myself that whether Board or audit committee worldwide ask relevant questions to their counterparts. With Corporate scandals and Frauds impacting organization worldwide, what is that we are missing? We have so many standards & framework….But something is missing. I thought why not “crowd sourced” a list of questions which board needs to look forward from audit and risk management perspective.
So, Let me try to put a few of them here and would request everyone to comment on the same… Let’s keep it from the Board perspective and I would finally compile the list and share with all.
So here are my Initial 6 questions:
- How do we manage our risk PROACTIVELY??
- Do we have separate functions like internal audit, External audit, Compliance, Risk management, IT security, Analytics or Integrated???
- Is each function aware of their role and responsibility? Are there any conflict or overlap. Whom do they report to???
- Do our teams have access to best in class training and next generation Risk management tools like Big Data analytics?
- How do we Proactively Manage Fraud & reputation Risk?
- How current are the audit universe and methodology?