Internal Auditors are passé : Induct Internal Governance Consultants

ICGI Series #01 Internal Auditors are passé : Induct Internal Governance Consultants

In 2024 I published 75 research Papers and I set the goal ‘Unleashing other people’s energy’ . In 2025 the goal is to set up ICGI - The Institute of Corporate Governance unde an Act of Parliamennt.

In my analytics on Review 2024 I found Corporate would find themselves greatly beneficial setting targets of 15% CAGR and CARR for 2030 and track their performance as moving target for Viksit Bharat 2047.

Corporate Governance is going to be the primary platform by which companies are going to be watched. In order to be of assistance for the companies I am starting an ICGI Series of important topics singularly appropriate for corporate management.

In this context ICGI Series #01 “Internal Auditors are passé Induct Internal Governance Consultants” companies would find useful in restructuring organizations for the future overcoming the current challenges companies face. Please take a look.

Here are 5 key points summarizing the transcript:
1. I advocate for internal consultants focused on governance, rather than just internal auditors, to shift from accounting to accountability.
2. Companies should set long-term targets (e.g., for 2030) with 15% CAGR (Compound Annual Growth Rate) and CARR (Compound Annual Reduction Rate) for various metrics.
3. The importance of people management is emphasized, with the concept of "return on the intangible" measuring individual ethical responsibility and effort.
4. I propose organizing teams of five people, with one person responsible for ethical oversight as an internal governance consultant.
5. I do criticize current corporate governance practices as insufficient and suggest the creation of an Institute of Corporate Governance of India to improve standards.

Last but not the least: Audit Committee be changed to Governance Commitee.

Merry Christmas and a Happy New Year 2025.