National Financial Regulatory Authority (NFRA) disagrees with Institute of Chartered Accountants of India (ICAI) over whether the latter has the authority to determine whether small businesses need to be audited. ICAI regulates chartered accountants and is administered by the Ministry of Corporate Affairs. In contrast, the NFRA was established under the Companies Act to recommend…
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Total Quality Management (TQM): Definition, Principles
What is Total Quality Management? In simple terms, total quality management is an approach to delivering long-term product success and customer satisfaction. TQM involves all members of the organization working together to improve processes, products, and services. Hence, Total Quality Management is defined scientifically as a customer-oriented process. The aim of total quality management is…