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Internal auditors have raised concerns over the weakness in governing a family-run business unit and highlghted the need to strengthen the internal controls.
At the 6th annual conference of Institute of Internal Auditors of India, experts discussed about making a business enterprise financially and operationally more efficient by implementing the internal control mechanism.
Speaking at the conference, organised by Vadodara Audit Club, Parimal Merchant, Director, SP Jain School of Global Management Business, said there is a huge gap in internal controls set up in a family managed business and the controls do not grow along with the company.
From his detailed research on family managed business, Merchant highlighted the weakness in governance systems present in family managed business units.
"There is a need for family managed businesses to prepare and take the challenges and help the business grow in a seamless manner," he told the gathering of over 250 participants.
The Vadodara Audit Club is celebrating this month as the Internal Audit Awareness Month. The theme of the conference, held on May 16 was 'Think Global, Make Local'.
Speakers include Nagesh Pinge, Chief Internal Auditor at Tata Motors Ltd and President, IIA India, who deliberated on the importance of internal audit and laid down the roadmap to achieve the theme of the conference and the ambitious project of ‘Make in India’.
In a first for the risks in E-commerce and role of internal audit was presented by T. V. Venkataraman Head, Management Assurance, Flipkart. He showcased what are the challenges the auditor will come acrosss and how new innovations in technology will help the auditor fight the growing need to keep fraudsters out of circulation.
In his address, Samit Datta, Head of Global SCM, Piramal Enterprises Ltd, encouraged the crowd to dare to think different and explore the benefits of applying alternative supply chain processes to overcome the increasing costs.
Other speakers include Subroto Das, Lifeline Foundation, and Deepak Dhanak, Executive Vice President - Finance, Star TV.
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