Where Angels Prey

Where Angels Prey is a novel by Ramesh S Arunachalam. Please refer to www.whereangelsprey.com for more information

Thursday, July 12, 2012

Independent internal audit is the key to implementing responsible microfinance in MFIs

Ramesh S Arunachalam

The MFI boards must recognise the need for strong, independent and objective internal audits which can go a long way in protecting their MFIs and enhancing their reputation

The microfinance institution (MFI) model in India has been through a (serious) crisis over the last few years (since 2005) and a lot of this has to do with the inability of the boards of MFIs to actually implement (in real time) some of the very (high sounding) concepts and prescriptions for responsible finance that came from various quarters.

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