What Audit Committees expect from CFOs?
Ramanujam Narayan
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Ramanujam Narayan
CEO, CFO at Contetra| Helping CFOs to Save Time & Costs with ERP Implementations & Re-implementations, Process Optimizations| Enabling FIN leaders with IndAS/IFRS /GAAP Advisory, Batch Training & Contractual Resourcing
Did you know that it is the CFO's responsibility to remove all the roadblocks from the Audit Committee's way and provided them with information to ensure that the review is conducted independently?
In my recent blog on What Audit Committees expect from CFOs, I talk about:
What kind of contingencies the CFOs must inform the Audit Committee about?
How should a CEO-CFO partnership be forged
How Audit Commitee need to be an Action taker (this Ambani brother was barred from the securities market due to inaction of the Audit Committee?
Executive Coach, Mentor, Leadership Engager.
1 年You are always sharp, to the point & candid.
General Manager of Operations | Operations, New Business Development, Key Account Management
1 年CFOs are responsible for informing the Audit Committee about various contingencies that could impact the financial health and reporting of the company. Key contingencies include: Legal Proceedings: Disclose pending or potential legal actions, lawsuits, or regulatory investigations that may have a material impact on the company's financial position. Environmental Liabilities: Communicate potential liabilities arising from environmental issues Product Liabilities: Inform the Audit Committee about potential liabilities related to legal claims associated with the company's products. Tax Liabilities: Disclose any pending or potential tax disputes, audits Contractual Obligations: Report on significant contractual commitments, obligations Contingent Liabilities: Communicate any potential liabilities that may arise from guarantees, warranties, or other commitments that could impact the company Insurance Claims: Inform the Audit Committee about significant insurance claims, including the likelihood of recovery and any potential financial impact. Technology and Cybersecurity Risks: Address potential contingencies related to technology Economic and Market Risks: Discuss potential contingencies arising from economic downturns,