Module 3 – Oversight and Finance

LocationDates
Niagara-on-the-Lake, ONOctober 3-5, 2013
Niagara-on-the-Lake, ONFebruary 6-8, 2014
Niagara-on-the-Lake, ONApril 24-26, 2014
Niagara-on-the-Lake, ONOctober 16-18, 2014

Principle-Based Accounting

  • How can boards use principle-based accounting to assess management’s choices?

Audit Committee Priorities

  • How do the right composition and committee structure—independence, leadership, and diversity of views—help to develop an effective audit committee?
  • What expertise/resources are needed to oversee the organization’s strategy and risks?
  • How does the audit committee chair encourage a culture of compliance and financial reporting integrity and consistency?

    Interpreting the Statement of Cash Flows

    • How can directors best interpret the statement of cash flows and “follow the cash”?

    Integrated Performance Measurement

    • How do directors measure the alignment of strategic objectives with financial results and overall success?
    • What are the most effective financial ratios and how can directors best lever this information?

    A Balanced Scorecard for Boards of Directors

    • How can the board use the Balanced Scorecard framework to monitor corporate and board performance?

    Director Oversight of Risk Management—A CRO’s Eye View

    • What is risk today? What is contemporary risk management? What is risk oversight?

      Internal Audit

      • What is the relationship between the audit committee, the internal auditor, and the management team?
      • What services should the board expect from an internal audit?
      • What is the board’s role in maximizing the benefits from an internal audit?

      The Audit Regime

      • What are the roles, responsibilities, and reporting duties of the audit committee?
      • How is the relationship with the external auditor led and managed effectively?
      • What are the key questions and practices corporate directors should use to ensure an effective audit regime?
      • How should the board deal with sensitive issues, such as uncorrected deficiencies, accounting adjustments/misstatements, and major changes in accounting practices?

        Board and Audit Committee Responsibility for Risk

        • Lessons from distressed situations.
        • What governance experts and committee checklists never prepare the board for.

        The Convergence of Leadership and Ethics

        • Explore and develop insight into the convergence of leadership and ethics on boards.
        • Discuss emerging moral issues and ethical leadership.

        Putting It All Together: Overseeing Performance

        • Using a case study approach, undertake a critical analysis of how a board of directors can oversee the performance of the corporation and its management team.

        In Summary

        • Discover what directors need to know and how to access and assess information on finance—using accounting principles, financial and non-financial indicators, and risk assessment.
        • Understand the roles, responsibilities, and relationships between the board and the audit committee, the internal auditor, and the external auditor.
        • Explore your ethics guidelines and your ability to apply moral reasoning in governing your organization.

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