KIIT School of Social, Financial & Human Sciences Organizes Talk on Corporate Governance
Department of Commerce, KIIT School of Social, Financial & Human Sciences organized a talk by renowned academician & researcher Prof. Rajendra Prasad Srivastava on the topic “Corporate Governance: What is it and Why do we Need it?” on 22nd January 2022. Prof. R. P. Srivastava is a Ph.D. in Physics and Ph.D. in Accounting, Ex EY Professor of AIS, Ex-Director of EY Center for Auditing Research and Advanced Technology. He is currently working as the Professor Emeritus, School of Business, University of Kansas, USA.
Delivering the talk, Prof. Srivastava stated that in the fast changing world where corporate frauds are surfacing every now and then impacting the economy and lives of people, stricter corporate governance practice is the need of the hour. Focusing on the importance of corporate governance in modern organizations, he elucidated some of the infamous cases from USA and India, like Enron, Siemens, Satyam Computers etc, where failure of corporate to have a proper governance system has resulted in havoc in the industry. Prof. Srivastava explained to the audience about the various internal and external factors forming part of a good corporate governance structure. He also highlighted the role being played by the board of directors in a company in maintaining the sanctity of the industry and how they can effectively utilize their powers in ensuring the same. Discussing the various measures taken by governments around the world to improve the corporate governance scenario, Prof. Srivastava put light on tools like SOX 2002, COSO Cube, fraud triangle factors and 17 principles to achieve effective internal control. The speaker also took queries from the students in the audience.
In his concluding remarks, Prof. Jayanta Kumar Parida, Director, KIIT School of Social, Financial & Human Sciences thanked Prof. Srivastava for his extensive delivery on a pertinent topic like corporate governance. Prof. Parida also highlighted how establishing good governance structure in corporate is the need of the hour for a developing economy like India.
All the students of the School were present and participated in the program.