The Hindu Business Line : Inside internal audit

For a long time internal audit was an area of professional work that saw little change. Which, perhaps, explains why the Institute of Chartered Accountants of India (www.icai.org) did not have to revise its 1983 publication General Guidelines on Internal Audit for nearly a quarter century. Now comes the second edition of the book, to take into account `significant developments in the last six to seven years in the regulatory environment, the origins of which can be loosely traced to some mega corporate collapses in the world's most developed economy'.

Clause 49 of the Listing Agreement is an example of a significant development impacting internal audit. Audit committee, for instance, is required to review the adequacy of internal audit function, reports on internal control weaknesses, and findings of any internal investigations.

"Companies going in for tapping the international capital market, especially those seeking listing in the US stock exchanges, NASDAQ, NYSE, etc., also need a strong internal audit function to meet the stringent corporate governance and internal control requirements of those stock exchanges," notes the book. Useful addition.

Pearl markets, crystal roofs

"Smart human beings carry messages, not clouds formed of smoke, fire, water and the wind! Incredible, isn't it?" Thus reads the translation in Kalidasa: The Meghadootam, by Rajendra Tandon from Rupa (www.landmarkonthenet.com). `Dhooma jyotih salila marutaam sannipaatah kwa meghah,' runs the transliteration. One may say that the wireless communication of today is in a way regressing to communicating through wind.

Ujjain of Kalidasa's days was a prosperous city; `a centre of trade between India, Persia, and Europe,' notes Tandon. "In the markets of Ujjain you'll find displayed necklaces strung with a myriad pearls, with gems studded in between," he translates lines that speak about trading in precious commodities.

Kalidasa extols the most magnificent homes in Alkapuri — "where the floors are set with sapphire tiles, and the roofs are transparent so residents could look at the sky and stars." It seems crystal roofs made stars `hang like canopies made of flowers'. The poet tells Megha: "Several clouds like you are blown by the winds into the top floors of the seven-storey palaces of the city."

Drink in nature in ample measure through this dream verse, in English rendering: "There the trees are perennially in bloom. Intoxicated bhramaras (bees) hum around them. All the time in the lotus ponds, girdling lotuses frolic with the swans. Pet peacocks with shining feathers, their heads held high, chatter day and night. The moonlit nights are ever pleasant, the sheet of darkness torn aside... " Cool read.

Tailpiece

"Will they be giving a consolation prize?"

"To our players?"

"No, to the disappointed fans."

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D. Murali