Auditors Body Moves Sebi To Pen Ethics Code

The Indian chapter of the Institute of Internal Auditors is in talks with the Securities and Exchange Board of India (Sebi) for formulating a code of ethics and setting up a regulatory mechanism for internal auditors in the country.

T Sriram, president (India), The Institute of Internal Auditors, said at a news conference here today that a similar code has recently been formulated in the US. He said increased reporting requirements, introducing formal corporate governance procedures are some measures which have been introduced in many countries.

He said a two-day internal auditors' conference will be held from August 23 in Bangalore which will discuss formulating a code of ethics for auditors, while Wipro Ltd will present a paper on corporate governance.

Sriram said the theme of the conference will be corporate objectives, controls and assurance in a networked environment. He said the conference will showcase both the business perspective to risk, controls and governance and the changing role of the internal audit profession in the scenario.

Sriram said aftermath of Enron and WorldCom has lead to entities being forced to revisit and reassess the risks impacting their operations and the measures used by them to monitor them and more importantly, react in time.

He said regulatory authorities have been reviewing and introducing new and increased monitoring and reporting mechanisms. He said over 300 delegates will attend the conference.

Deloitte Haskins & Sells senior manager and an official of the Institute of Internal Auditors Jayashree Narayanan said the institute plans to play a more proactive role in addressing issues concerning internal auditors.

The conference will be addressed by top officials from KPMG, PWC, GE India, Aditya Birla Group, Wipro, Infosys, Ernst & Young and Deloitte Haskins & Sells.

The institute has 76,000 members from over 100 countries and is a leader in certification, education, research and technological guidance for the profession. It conducts a certified internal auditor examination, which is the only globally recognised certification in internal audit.