Weekly Wrap – 26th February 2015


Hi I am Tom McLeod, Co-Founder of McLeod Governance.

This is what I would be thinking about this week.

Is India the future of audit?

That question was posed to me this week by a reader from Mumbai.

And in considering my response I came to the conclusion that most likely the future of audit does exist in India.

My reasons are threefold.

Understanding of Checks and Balances

Firstly India – being the world’s largest democracy – has a strong and keen understanding of the importance of checks and balances in a well functioning society.

And then, by extension, the importance of checks and balances in a well function organisation – the hallmark of a good control environment.

Powerhouse of Analytics

Secondly as we are all aware India already is the powerhouse of analytics of the big accounting firms and will continue to be so as automation and virtual engagement continues to rise.

Global Engagement

The third area though that will challenge India is their organisation from an audit front.

If one just looks at how the Institute of Internal Auditors is structured in India it is based on regions rather than a country as a whole.  That would need to change.

But equally so would the embrace of India by the rest of the world.

When was the last time there was a major audit conference in India?  I can’t recall one and we as auditors – and we who are passionate about the future of audit need to sit back and consider what are we doing to make sure that India will love out the potential of its promise.

Subscribe to Receive Our Email Updates

  • This field is for validation purposes and should be left unchanged.