Board Governance: Oversight of Financial Reports J ANUARY 2024

PowerPoint Presentation Board Governance: Oversight of Financial Reports J ANUARY 2024 Introduction Catherine Vu, CPA, CA Director of Corporate Services • Public practice • Tax • Oil and gas • Financial services • Telecommunications • Government Outline • Financial components • Financial and reporting cycle • Budgets • Financial reporting/Forecasts • Financial statements • Audits Financial Compone. [...] Courtesy of LEADS - Strategic Budgeting, Mitigating Risks Towards Aspirational Goals Budgets Good governance means: • Write policies describing the results you want to achieve and the priorities you have established, • Allocate resources to support your goals and priorities • Monitor progress to ensure the desired results are being achieved • Hold the Director of Education responsible for achievin. [...] Audits Good governance means: • Write policies describing the results you want to achieve and the priorities you have established, • Allocate resources to support your goals and priorities • Monitor progress to ensure the desired results are being achieved • Hold the Director of Education responsible for achieving the desired results Financial Reporting Management’s Responsibility for the Financia. [...] External audit and approval of financial statements Assets, Liabilities & Surplus • Are there any new assets or liabilities? • If yes, why have they been added and do they make sense? • Do balances make sense? • Are cash balances too low or too high? • Are accounts receivable growing? And do we have a collectability issue? • Do liabilities make sense? • Surplus • What are the components of surplus. [...] • What was the cause of the errors identified, if any? • What was the resolution of the work done around risks identified in the planning process? • Specific questions on financial reporting and internal control? • Is there good cooperation and planning between the external auditor? • Does your audit firm plan any significant changes in the scope of the audit compared to last year? External audit.