Chapter 6 Communicating and Interpreting Accounting Information.docx

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Accounting & Financial Management
AFM 101
Donna Psutka

Chapter 6 Communicating and Interpreting Accounting Information 1022013 62100 AM These are the people involved in the integrity of the financial reporting processRegulators CSA AcSB AASB Stock Exchangesfinancial reported is subject to strict regulationsCanadian publicly traded corporations must comply with provincial securities regulations Canadian Securities Administrators CSAmission is to protect investors from unfair improper and fraudulent practicesensure efficient and fair capital marketsthey work closely with AcSB Accounting Standards Board that is responsible for establishing standards of accounting and reporting external auditors ensure that they are in compliance with international standards of auditing adopted Canadian Auditing and Assurance Standards Board as Canadian auditing standardstock exchanges provide an essential quality assurance service to list companies by undertaking ongoing surveillance on their reporting and trading activitiesif they suspect something they do an independent investigationthen share it to Canadian Revenue Agencycan cease trades or order finesManagers CEO CFOAccounting StaffCEOCFO must sign the statement of management responsibilitymembers of the accounting staff who actually prepare the reports also have a professional responsibility for the accuracy of these reports but their legal responsibility is smallerBoard of Directors Audit Committeepeople elected by shareholdersresponsible for ensuring that processes are in place for maintain the integrity of the companys accounting financial statement preparation and financing reportingaudit committee by the board composed of nonmanagement independent directors is responsible for hiring the companys independent auditor
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