A STUDY OF CORPORATE GOVERNANCE EVOLUTION DUE TO GOVERNANCE FAILURES AND EXPECTED CHANGES IN COVID-19 ERA

Abstract

This project is done on Corporate Governance Evolution due to governance failures which the world has seen and expected changes to governance framework in COVID-19 Era topic in area of "Corporate Governance". The most challenging job for any organisation is to have a robust Corporate Governance Framework in this extremely competitive global business environment. This report seeks to study of the corporate governance failures in our history, the flaws in their governance, and the regulatory response to such failures. The study will also try to assess the expected changes in governance framework in organisations due to COVID-19. The fraud triangle framework by Joseph T. Wells explains the motivation behind fraud is Incentive/Pressure, Opportunity, and Attitude/Rationalisation. The COVID-19 scenario has provided organisations with all three factors especially with relaxations in regulatory and oversight bodies around the world. This author is an auditor and it is important to for auditors need to utilize their profession scepticism, especially in a force majeure scenario where the pressures of COVID-19 on economy might be a driving factor in financial scams or governance failures. The study will explore the various motivations behind the corporate governance failure of large organisations and aims to develop a questionnaire for auditing clients to identify changes in their governance framework and inconsistencies or red flags in their behaviour.