beyond symbolism to genuine accountability and vigilance When Reserve Bank of India (RBI) Deputy Governor Swaminathan Janakiraman recently cautioned that governance lapses often lie at the root of financial failures, his warning echoed a pattern that India’s financial sector has witnessed repeatedly over the past decade. From infrastructure finance giants collapsing under opaque debt structures to banks failing due to concentrated lending and weak oversight, the common threa

Revenue recognition remains the single most significant fraud risk area identified by the National Financial Reporting Authority (NFRA). In its inspection and enforcement memoranda, NFRA has consistently observed that revenue misstatements rarely arise from technical errors, but from deliberate misuse of judgment, premature recognition, suppression of variable consideration, and management override of controls. NFRA has emphasised that Boards and Audit Committees carry a heig