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Accountability The Director’s Role in Reporting

This article explores the important role of directors in reporting and accountability within organizations, including their responsibilities, communication requirements, financial reporting, corporate social responsibility, and transparency.

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Accountability The Director’s Role in Reporting

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  1. AccountabilityThe Director’s Role in Reporting Denis Bergevin MBA, CPA-CGA, CIA, CRMA, CCSA, CGAP Deputy Director – Internal Audit Caribbean Development Bank

  2. Boards’ Responsibilities • Stewardship and trusteeship on behalf of stakeholders, • Ensuring that the legal entity, remains viable and effective in the present and for the future. • The board is ultimately accountable for all organisation matters

  3. Roles of the board of directors • Establish vision, mission and values • Set strategy and structure • Delegate to management • Exercise accountability to shareholders and be responsible to relevant stakeholders • Reporting back to stakeholders

  4. Reporting back to Stakeholders • Disclosure requirements • Financial reporting • Proxy filings • Regulatory filings • Organisation Performance and risks

  5. Reporting/Communication Requirements • Financial Reporting and related regulatory disclosures • Key performance indicators • Corporate social responsibility • Corporate communication policies • Making board governance transparent

  6. Financial Reporting and related regulatory disclosures • Reviewing Financial reports • Understanding: • the nature and appropriateness of any difficult judgements or reporting areas • the external auditors’ conclusion on the financial position • The control environment, the financial reporting process and the related internal control effectiveness • Impact of weaknesses in internal controls • Financial risks and fraud risk • Review any disclosure required on the financial performance

  7. Key performance indicators • Call volumes • Store sales • New orders during the period • Backlog • Number of customers, subscribers, or users • New versus repeat customers • Health and safety statistics • Research and development pipeline data • Assets under management • Capital and Solvency ratios

  8. Corporate Social Responsibility (CSR) • The information the organisation discloses • Reliability of underlying systems and processes • Approaches to reporting • Possible content and more: • Code of conduct, ethics program • Audit coverage • Safety • Hazardous waste • Renewable resources (energy use, water usage)

  9. Corporate Communication Policies • Review Communications policies • Control the communication of important information • Maintain confidential information • Compliance to Communication policies

  10. Making board governance transparent • Director names and background • Board leadership information • Board mandate and guidelines • Director compensation • Extent of director’s shareholdings in the organisation • Director nomination process • Committee information • Board assessment process • Numbers of board and committee meetings and attendance

  11. Audit Committee Reporting • Financial Reporting and Disclosures • Risk Management and the System of Internal Control • Culture and Compliance

  12. Questions? bergevd@caribank.org

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