This is my letter to The Prime Minister of India suggesting how to eradicate Corporate Corruption? I specify the role of Audit Profession and its need of the hour.
Balance Sheet is bereft of any Ethical Assets that many companies do seriously make use of but are not able to represent the same in the Balance Sheet. Unlike Brand Value dominant in 1980s that resulted in creating standard for IAS 38 Intangible Asset, today use of many a standard Policy document such as UNCAC gets hidden as to be never brought to the forefront of market analysis. It is indeed a surprise why it is not so. By bringing it up in the Balance Sheet companies would find themselves a class of their own. I am suggesting how to do that?
Audit profession has taken a toll and mainly the Big 4 firms. It is a great opportunity for the Audit Profession as a whole to verify the Ethical Assets Premium Account and take a step in enhancing their professional capability.
Check your premises, Nirmala Seetharaman?
The same institutions, the same corporate juggernauts are the ones we would be hoping to take India to a $5 Trillion Economy? Wishful thinking or shot in the dark? I am questioning the Government as to their wishful thinking because of the untrustworthy buccaneers? Modi 1.0 had ushered in a Qualitative Elements in Governance and hoping Modi 2.0 would ensure revenue, profits and growth. The fault lines are with the corporate and banking not with the government. Modi 2.0 priority ought to make sure questionable practices are out and so is ‘phone banking’? But how?
In a recent article in The Economic Times, Vinod Mahanta and Sachin Dave ”A slew of systemic and cultural issues that threw top auditors off balance – Each day as clamour grows for strict action against auditors, the profession finds itself at a crossroads.” they discuss threadbare the burning issue of Auditors particularly Big 4 Firms are going through. This article “Who failed Big 4 Audit Firms, is it Corporate Governance or Management Quality?” summarises the opinions of the quoted experts and offers my view point to resolve the issues offering solutions to the n-dimensional problems. Extracts are from my book on Return on Intangible.
CREAM REPORT – Database
FPOs/Farmers – Database would be:  In the Value Chain
40k Farmers, land holding, sector composition – oilseeds, rice, wheat, pulses, yield etc.
Strategy Plan 2025 – CAGR – Convert CAGR to CDGR [Daily] and Track progress.
Implement Growth and Earnings by CREAM.
Responsibility be with the FPCs [GujPro]
CREAM Report by Individual Farmer.
CAGR gives the Targets and CDGR the Daily Progress.
M in CREAM is Management Quality, a repository of Standards. Identify relevant Certification for each Farmer and apply practicing such standards – Crop Production Systems.
During 2017-18 crop year, food grain production is estimated at record 284.83 million tonnes. In 2018-19, Government of India is targeting food grain production of 285.2 million tonnes. Milk production was estimated at 165.4 million tonnes during FY17, while meat production was 7.4 million tonnes. As of September 2018, total area sown with kharif crops in India reached 105.78 million hectares. Continue reading
ONE PAGE REPORT – Project FISCAL
Rating: FARMER- INDUSTRY – SOCIETY & CONSOLIDATE – AGRI – LEADERSHIP
Return On Intangible
Project FISCAL connects Farmer – Industry – Society the three CCP – Critical Control Points in the Value Chain, Consolidating Agri Leadership in Indian Economy. It’s a single powerful sector giving the platform to stabilise multi-functional aspects of India’s GDP.
CREAM Report to start with, of 45k Farmers connected to Industry and Public would enhance a win-win situation within this Value Chain to Funding Agencies and to the GoI. Pro-active policy changes and commitment forward is to each individual, produce, area and time, in Project FISCAL.
Consequent to an assignment from VNKC Group of companies a good opportunity has arisen to bring in the concept of Return on Intangible to a Farmer. The OPR explains the modus operandi. Continue reading