IMPORTANCE OF AUDIT COMMITTEES IN COMPETITIVE ENVIRONMENT
Satish Menon
Corporate VP– Legal & Company Secretary
December 4, 2002
IMPORTANCE OF AUDIT COMMITTEES IN COMPETITIVE ENVIRONMENT
CHARLES DARWIN
“ THE ORIGIN OF THE SPECIES (1859)‘’ CHAPTER 14 A GRAIN IN THE BALANCE WILL DETERMINE WHICH INDIVIDUAL SHALL LIVE
AND WHICH SHALL DIE
IMPORTANCE OF AUDIT COMMITTEES IN COMPETITIVE ENVIRONMENT
IRA M.MILLSTEIN
“ NEW YORK TIMES ( 1997 ) MONEY AND BUSINESS SECTION ”
DARWIN LEARNED THAT IN A COMPETITIVE ENVIRONMENT AN ORGANISM’S CHANCE OF SURVIVAL AND REPRODUCTION IS NOT SIMPLY A MATTER OF CHANCE. IF ONE ORGANISM HAS EVEN A TINY EDGE OVER THE OTHERS, THE ADVANTAGE BECOMES AMPLIFIED OVER TIME
IMPORTANCE OF AUDIT COMMITTEES IN COMPETITIVE ENVIRONMENT
ENRON INC COLLAPSED INSPITE OF AN AUDIT COMMITTEE HAVING EXTREMELY EMINENT MEMBERS LIKE
ROBERT JAEDICKE WENDY GRAMM JOHN WAKEHAM PAULO PEREIRA JOHN MENDELSOHN
IMPORTANCE OF AUDIT COMMITTEES IN COMPETITIVE ENVIRONMENT
IMPORTANCE IN A COMPETITIVE ENVIRONMENT MUST THEREFORE BE ON
EFFECTIVENESS
OF THE AUDIT COMMITTEE
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE AUDIT COMMITTEE ALSO OVERSEES
COMPLIANCE PROGRAMS
DISCLOSURE PRACTICES
ETHICAL PRACTICES
RISK MANAGEMENT
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE
COMPLIANCE PROGRAMS INCLUDE
LEGAL PROCESS
CONTRACT MANAGEMENT
COMPLIANCE CERTIFICATION
MANAGEMENT
SYSTEM
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE COMPLIANCE PROGRAMS USES MATRICES BASED ON SIX SIGMA CONCEPTS FOR
DEVIATION AND EXPOSURE REPORTING MONITORING CORRECTIVE ACTION PLAN
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE
DISCLOSURE PRACTICES
DISCLOSURE CODES
CONFIDENTIALITY CODES
ANALYST & MEDIA CODES
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE
ETHICAL PRACTICES
BUSINESS CONDUCT
EMPLOYEE CONDUCT
WHISTLEBLOWING
CODE
CODE
POLICY
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE
RISK MANAGEMENT
BUSINESS RISK
LEGAL RISK
SECURITY RISK
WIPRO’S INITIATIVES TO IMPROVE EFFECTIVENESS OF ITS AUDIT COMMITTEE
INTERNAL AUDIT CHARTER INCLUDES
COMPLIANCE AUDIT
BUSINESS PROCESS
OPERATIONS AUDIT
AUDIT
WIPRO’S COMPETITIVE ADVANTAGES FROM ITS INITIATIVES
HIGHEST STANDARDS OF GOOD CORPORATE GOVERNANCE MINIMIZED LEGAL AND FINANCIAL EXPOSURES IMPROVED BUSINESS AND LEGAL PROCESSES OPTIMIZATION OF TRANACTIONAL BENEFITS SIGNIFICANT COST SAVINGS INCREASED PRODUCTIVITY