Re: The Devil in the Detail

Reader's digest of the September 2014 issue

Well Covered

I found the September issue of CFO India interesting. The topics were well covered.

DD Jalan, CFO, Vedanta Resources Plc

Food for Thought

Enjoyed going through the September issue of CFO India. ‘The Devil in the Detail’ caught my attention. The opening remark that financial reports of India Inc ‘hide more than they reveal’ reminded me of recently concluded draft red herring prospectus of one of our subsidiaries. It contains 600 pages of fine prints out of which 50 pages are dedicated to risk factors. I do not know which investor has the ability and patience to go though all these pages. If by any chance they manage to do that, whether they would still be interested in investing is a question as risk factors practically discount everything.

I feel India Inc is subjected to over governance. Corporate governance practices from across the globe are being forced on Indian companies on the recommendations of global consultants knowing fully well that the maturity level of these companies is not comparable with its peers in Developed countries. What is more painful to note that these accounting practices or governance which has failed to control the large scale malpractices in developed world are being pushed here causing excessive reporting and over analysis in this part of the world.

Praveen Sood, Group CFO & EVP, Hindustan Construction Company Group office

Very Sleek & Relevant

I loved the September issue of CFO India. It is very sleek and elegant.

The article on accounting frauds and misdemeanors is very timely. Valuation of corporates is essentially a multiple of profit number. If the profit figures are unreliable, how does the business world progress? The CFO India team has rightly touched upon the very sensitive topic. Please keep up the good work.

Robin Banerjee, Managing Director, Caprihans India

Audit Notes

I liked the cover story on Audit Notes in the September issue of CFO India. It makes for interesting reading. Being audited by the largest audit firm, we have a taste of big four. Companies with sound corporate governance and accounting processes should not face any daunting issues in rotation of auditors. In fact, it may lead to enhanced quality of balance sheets with new insights and disclosures. Keenly look forward to your October issue.

– N.K. Jain, CFO, DCM Shriram Industries Ltd.

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