 We are moving forward in corporate governance and we are talking about the different issues and how those issues tend to adversely affect corporate governance or tend to catalyze corporate governance. And today we are going to talk about an organization which is well known to everyone, especially in the area of corporate governance because it was one of the major debacles of corporate governance, which led to a financial loss of 56 billion US dollars. It created reverberations across the financial markets, globally it tended to create undulations and indulations across the industries and it made the stock exchange, the major stock exchanges of the world fall because of the repercussions of that particular debacle. Ladies and gentlemen, today we are going to talk about special purpose vehicle and complex accounting procedures. And based upon all of this, sometimes a mist is created. Sometimes what we see is that through these different layers of structures and these complex accounting mechanisms, organizations tend to shed away the regulations and tend to override upon the factors of corporate governance and therefore can have negative implications all over. The creation of SPVs is an easy route to kill organizations as evidenced in the collapse of the Enron corporation, just like I was mentioning, Enron tried to solve the finance dilemma by allegedly looking for outside investors to help finance its investment. So what Enron basically does is that created layer upon layer, created those independent layers through special purpose vehicles, financial special purpose vehicles and they were independent of each other and therefore the individual losses in each vehicle was not comprehended at a holistic scale or at a central scale. But when it all got together, the pieces of the puzzle put together, then actually there was no puzzle. There was only a vacuum, there was only a void and there were these massive losses which were actually overshadowed by bad governance practices of Enron and therefore the Enron example is an example, the very antithesis of corporate governance. These joint investments were typically structured as separate entities just like I was mentioning. The entities could borrow from the credit markets possibly with guarantees but independent of each other and therefore what we see is that there were these cross guarantees taking place and when it was assessed in totality there was no structure. We also see to a lower extent there was this organization called Reliance over here in Pakistan and there too they had done something similar to a lesser scale but that was also in hundreds of millions of rupees and it also badly dented the different banks and financial institutions with the Pakistan. So yeah, to a lesser extent we saw it in Reliance to a greater extent, yes and Rohan is a benchmark of bad governance and again of SPV structuring, SPVs in many aspects of his business also tend to entail synthetically transactions and sale to SPVs of debt or equity interest owned by Enron. So again what we see is that these SPVs can create a lot of confusion, can create a lot of mist, can create a lot of diversion, can also create a lot of suppositioned equity and at the end of the day when things tend to straighten out then there is nothing left for the organization and all of the different stakeholders tend to suffer. Sales to merchants hedging SPVs of the Enron stock or of contracts enabling them to receive the Enron stock and transfer to SPVs of assets often at above market value. So again what we see is that those assets were overvalued especially properties and other shares so through this whole process of having an SPV of over marketing, of window dressing, of multiple mortgaging and all of these things put together actually rather than hedging losses tended to hedge a debacle leading to bankruptcy of the Enron cooperation. Information asymmetrics and asymmetries and conflicts of interest between contracting parties are considered important reasons for the commitment to increase transparency. So what we see in the Enron debacle is again that these asymmetries and in these incongruous incencies and all of these different segmentization of shadow units and shadow corporations and over a mortgaging and over evaluating between different contracting parties has actually given the global corporate governance model and mechanism a lot of impetus and therefore the focus is to increase transparency and to ensure that SPVs are not created which could lead to great confusion. And now in the future what we are going to see is that we are going to have this cryptocurrency also debacle which we have seen in the Bitcoin and Ethereum losing the majority of a value collapsing from about $70,000 and going up to about $15,000. So what we see is that this huge flux which took place actually wrote off trillions of dollars. So these type of things are still there and we can only through corporate governance ensure that these things do not tend to undermine global markets or undermine national markets or undermine the global economy or even institutional economies. The information environment plays a central role both in determining the extent of these conflicts and in designing the mechanisms to mitigate them. So transparency coupled with information and coupled with dissemination, coupled with proper reporting procedures that tends to mitigate all of this but then again there is always a possibility just like I was mentioning that right now we are seeing that basically now in the cryptocurrency where there is no regulation and many organizations have basically bought into this product but yet again there is no substance in it and there is no regulation by the state financial institutions or state banks and therefore there is this great possibility that there could be a cryptocurrency debacle in the future. Hopefully not because trillions of dollars would vanquish and would create a huge glut in the economics of institutions and also the global setup. So that is something that we have to basically tend to ascertain and also tend to mitigate. Accounting is a fundamental part of contracting mechanisms since it provides information for designing and evaluating contracts and that is why complex accounting procedures and mechanisms and frameworks are always in place to ensure that things are done in clarity and there is no ambiguity or confusion that is extremely important. Higher quality financial reporting is essential to decrease the severity of information asymmetry between managers and market participants. So just like what we saw in Enron we don't want to have a repeat of that or what is happening in the cryptocurrency scenario right now therefore higher quality financial reporting would ensure that companies do not suffer due to these asymmetric information syndromes which are present at a global and national level. The important role of financial accounting information is related to the limitations of relevant information for monitoring managerial behavior. So again there are limitations but through proper designing, through proper strategies, through proper financial management and through proper financial information systems we can tend to monitor managerial behavior and also monitor the future of an organization without compromising on its stable frameworks and without compromising on its productivity and its performance and that is extremely important and the role of auditors they tend to basically insist on compliance based on norm set by accounting standards laid down by regulators and international financial reporting standards. So these are all over there and that is why in corporate governance these international financial reporting standards have to be met and we also have an independent session on these international financial reporting standards. So therefore through proper dissemination, through proper reporting, through avoiding SPVs, through ensuring that lesser risk is taken, through ensuring that there is transparency to having the right levels of mechanisms to regulate the different financial implications and the financial investments to ensure that everything is grounded in meritocracy and also in the fact that nothing is being overvalued or being multiplied towards multiple mortgages or things like that that would ensure that there is corporate governance and therefore through complex accounting procedures we can tend to overcome the incongruencies and the various aspects of non-compliance in organizations at a national and global level. Thank you so much.