Jul. 2, 2009 (The Hindu Business Line) --

Hyderabad, July 2

Corporate reporting and financial practices should keep the end users in mind, said Mr P.R. Ramesh, National Director, Audit & Enterprise Risk Series, Deloitte, Haskins & Sells.

Delivering the keynote address at a national seminar on ‘Corporate Reporting – Ethical Practices’ organised by the Commerce faculty of Osmania University here, Mr Ramesh said the challenges before corporate reporting include the need to ensure uniformity/transparency across different parts of the world.

There was a need to clearly identify the objectives of corporate reporting, keeping in view various stakeholders, he added. Mr B. Krishna Murthy, Local Head, Wipro, said a fool-proof system of checks and balances at various layers would help maintain transparency in corporate reporting.

“Several layers of controls at accountancy, decision-making, leadership, auditing and accounting should be there,” he added.

Prof P. Purushottam Rao, Dean, Faculty of Commerce, Osmania University, said a mix of practical experience and theoretical foundations were important for high standards in corporate reporting.

“This assumes importance after the recent scam at Satyam (NYSE:SAY) Computers which had a certificate for good corporate governance,” he added.