ISSN: 2455-0353
Dr.Roopa Johri, Associate Professor, Department of Commerce, Bharati College, University of Delhi,
Prof. K. V. Bhanu Murthy, Dean Faculty of Commerce and Business, Delhi School of Economics, University of Delhi, Currently Professor, Delhi Technological University,
Prof.Saloni Gupta, Professor, Department of Commerce, Bharati College, University of Delhi
Dr. Sonia Kaushik, Associate Professor, Department of Commerce, Bharati College, University of Delhi
Recent businessfailures and corporate scandals, the world over, and particularly in India, point towards greed and financial irregularities by top leaders of these corporate entities. In the post-covidcrisis scenario, when many businesses suffered because of lockdown, all that is needed is revisiting of governance model and make it more purposeful andachievablefor a new beginning which is free from corruption envisioned by Prime Minister Modi for Aatmanirbhar Bhatat.Since manipulation of accounting practices and reporting are at the core of most of these frauds and they are committed by not only non-owner mangers but also by owners,the corporate governanceframework needs to be examined for the Sustainable accounting practices specially accounting control system.The study recognizes fourmost important entities-top managers, statutory auditors, members of audit committee and independent directors, who are most important entities in management and control by exercising internal control as well as external control.The methodology has beenadministered by developing a structuredquestionnaire to gather responses on perceptionsand attitudes of the four entities.The principal component analysis and factor analysis gives the measurements of various significant factors of this framework. Fourindicesare constructed at two levels, the most important beingIndex of Accounting Control System(IACS). Major findings of the study suggest that Index of Adequately Safeguarded Assets (IasA) and Index of Simplified Transactions(IsT) are important factors of accounting control system for effective corporate governance. The main contribution of the study is, whereas extant literatures focus on internal control only, this study brings in the role of external control too in minimizing the fraud risk factors.Hence, the earlier studies done in the corporate governance framework do not explain the framework adequately; whereas the present study explains satisfactorily the framework of sustainableaccounting control systemfor aatmamirbhar bharat.