Mazars is an international organisation, specialising in audit, accounting, tax and advisory services.
Its report says companies vigilantly monitoring their strengths and weaknesses would go far in improving their processes.
This includes having a whistle-blower framework to report unethical behaviour, actual or suspected fraud or violation of the company’s code of conduct and ethics policy.
“For any whistle-blowing policy to be successful, attentiveness and strong leadership is required by the board and senior levels of management to create a culture that is open, honest and encourages people to speak out, without fear of retribution,” said Sunil Sangar, chief internal auditor, Tech Mahindra.
About 85 per cent of firms with a whistle-blower mechanism stated they provided complete anonymity and protection to anyone who reported a matter.
Two-thirds of survey respondents (it covered 500 companies from a diverse array of sectors) stated an Ombudsman directly reported to the audit committee.
A little over half of the respondents said members of the audit committee, including directors, had called independent external for an objective assessment of aspects in their management reports.
“Companies are facing strong demands for transparency and accountability.
"It is, therefore, important for directors to have independent perspectives, particularly when making difficult decisions,”
Godrej ropes in Aamir Khan to increase visibility
No say on court order on Airtel Chief: Minister
India Inc hails RBI policy; hopes for further cut
Mittal, Airtel have practised high standards: SingTel
Can Godrej group achieve its ambitious growth targets?