CORPORATE GOVERNANCE

Accountancy SA,  Aug 2004  by de Beer, Linda

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issue 106

FINANCIAL ASPECTS OF GOVERNANCE: WHAT BOARDS SHOULD EXPECT FROM CFO'S

SAICA has developed this guidance, which is based on the guide issued by the Canadian Institute of Chartered Accountants, to describe how the Chief Financial Officer (CFO) can help directors understand and carry out the financial aspects of their governance responsibilities.

CFOs, as functional heads of finance, have a unique perspective on the company and its relationship to the capital markets and business environment. They have established credibility by being competent and reliable in their financial role. They are also respected for their qualities of objectivity and integrity.

CFOs can play a valuable role in helping directors improve their familiarity with the company's business model and financial statements. The objectives of the guide are to help directors understand the financial aspects of governance and what they may need to know. It also sets out what the Board should expect from the CFO in fulfilling their information needs and how the CFO can meet those expectations.

Copyright South African Institute of Chartered Accountants Aug 2004
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