Financial Daily from THE HINDU group of publications
Tuesday, Dec 03, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 03, 2002 |
|
|
|
|
|
Corporate
-
Accounting Standards Industry & Economy - Industry Associations FICCI for more accountability for CEOs, CFOs
Richa Mishra
NEW DELHI, Dec. 2 A SECTION of Indian industry is pitching for more accountability for the Chief Financial Officers (CFO) and the Chief Executive Officers (CEOs) of organisations by requiring them to certify the information given to the stakeholders through the financial statements. There is a need to enhance the role of the CFOs as well as the CEO since they are involved in all crucial matters of the company and day-to-day functioning of the organisation, according to the Federation of Indian Chambers of Commerce and Industry (FICCI). The chamber, in a discussion paper on corporate governance, said that the Government should introduce the concept of certification by CFO and CEO on the lines of the practice adopted for the Income-Tax return. Currently, for filing the I-T return, a person is required to certify that the information given by him is correct. On the same lines, the CFO and CEO can give an undertaking. This would provide greater accountability on the part of CFO and CEO, FICCI said. FICCI's position coincides with the latest move of the US administration's recent moves to make it mandatory for the CFO and CEO to certify the financial statements of their company.
Send this article to Friends by
E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|