An organization’s financial leaders, namely its CFO, have ultimate financial reporting responsibility to its audit committee and board of directors.  Explain the benefits of the CFO reporting to the audit committee and board of directors.  Whose oversight is most critical to the organization?  Why?  How do you think the CFO can use these reporting opportunities to benefit the organization from their financial leadership?  Why?

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 12CYBK: Which one of the following components of internal control over financial reporting sets the tone for...
icon
Related questions
Question

An organization’s financial leaders, namely its CFO, have ultimate financial reporting responsibility to its audit committee and board of directors.  Explain the benefits of the CFO reporting to the audit committee and board of directors.  Whose oversight is most critical to the organization?  Why?  How do you think the CFO can use these reporting opportunities to benefit the organization from their financial leadership?  Why?

 

 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q…
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Contemporary Auditing
Contemporary Auditing
Accounting
ISBN:
9781337650380
Author:
KNAPP
Publisher:
Cengage
Business/Professional Ethics Directors/Executives…
Business/Professional Ethics Directors/Executives…
Accounting
ISBN:
9781337485913
Author:
BROOKS
Publisher:
Cengage
Intermediate Financial Management (MindTap Course…
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning