Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN: 9781337485913
Author: BROOKS
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
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
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- Which one of the following components of internal control over financial reporting sets the tone for the organization? a. Risk assessment. b. Control environment. c. Information and communication. d. Monitoring.arrow_forwardWhich of the following best describes the role that corporate governance plays in a company? Shareholders vote to decide who should be members of the board of directors. Holding the management team accountable to shareholders and other stakeholders for how they use the entity's resources. Management often is compensated based on the company's profitability. Management decides which accounting principles are the most appropriate.arrow_forwardHOW ? Explain the problems identified over the years in relation to risk management and remuneration and discuss how these relate to corporate governance.arrow_forward
- What is the role of accounting in corporate governance and accountability, and how can accounting practices be used to ensure that companies are operating in a responsible and sustainable manner?arrow_forwardThe objective of financial reporting is to provide information about the financial position, performance and as well as changes in financial position of a business in order to assist in making economic decisions. Briefly discuss the importance of the financial reporting framework and its role in corporate governance.arrow_forwardDetail the roles of non executive director , chief finance officer (CFO), Audit Committee and external auditor in governance.arrow_forward
- how corporate social responsibility influence the financial position of smes in terms of accountability?arrow_forwardThe objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standardsarrow_forwardHow can the Corporate Compliance and Governance contribute in the overall success of a certain company? Give at least one importance of Corporate Compliance and Governance.arrow_forward
- The primer objective of corporate governance is supporting one of the following: Select one: a. All of the given choices b. Increase level of confidence and transparency of company. C. Ensure that the company is run in a legal and ethical manner. d. Control the controller by increasing the amount of reporting and disclosures to all stockholdersarrow_forwardExplain the concept of corporate social responsibility (CSR) and its relationship with accounting. How can accounting practices and disclosures contribute to assessing and communicating an organization's social and environmental performance?arrow_forwardHow can a financial auditor use the following topic in his future work? Analyze the roles of the parties that contribute to corporate governance, recognizing that each has its own internal governance structures Evaluate the prescribed roles and responsibilities of the parties involved in corporate governance against their real-world manifestation Recognize both the motivations of and temptations faced by those involved in the governance process and evaluate them against processes and controls aimed towards ensuring ethical behavior and transparent, high-quality reporting. Distinguish form from substance as it relates to parties exercising control over an entity and learn to apply this knowledge when evaluating a variety of different accounting and auditing matters Dissect elements of certain seminal accounting and auditing events in order to evaluate their effect on the corporate governance landscape.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:CengageIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningIntermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning
- Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubAuditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Cengage Learning
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
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning