BU127 Lecture 5: Chapter 5
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BU127 Full Course Notes
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Protect investors and maintain the integrity of the securities market. Along with provincial governments, set overall corporate governance standards. (the most prominent is the ontario securities commission). Federal agency which oversees canadian accounting firms (independent auditors) that perform auditing engagements of public companies. Responsible for the information in the financial statements and disclosures. Chief executive officer (ceo): highest officer of the company. Chief financial officer (cfo): highest officer associated with the financial and accounting side of the business. Accounting staff: prepare the details of the reports and bear professional responsibility for the accuracy of the information. Board of directors (audit committee: board of directors. Responsible for ensuring that processes are in place for maintaining the integrity of the company"s accounting, financial statement preparation, and financial reporting: board of directors (audit committee) Is composed of non-management (independent) directors with financial knowledge and is responsible for hiring the company"s independent auditors.