Chapter 6 Notes

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Accounting & Financial Management
AFM 101
Duane Kennedy

AFM 101 – Chapter 6 Notes Roles of Different People Regulators • Canadian Securities Administrators (CSA): protect investors from unfair, improper, or fraudulent practices and to foster fair, efficient, and vibrant capital markets • Accounting Standards Board (AcSB): establishing standards of accounting and reporting by Canadian companies • Stock Exchanges: provide an essential quality assurance service to listed companies by undertaking ongoing surveillance of their reporting and trading activities Managers • CEO and CFO must certify that: o Reports filed making sure they do not contain any untrue statement or omit a fact and fairly presents the financial condition, results of operations, and cash flows of the company o There’s no significant deficiencies and weaknesses in the internal controls over financial reporting o They disclosed to auditors and audit committee of the board any weaknesses in internal controls or any fraud involving management or other employees • Accounting Staff: prepare details of reports and check the accuracy of the information Board of Directors (Audit Committee) • Ensures that processes are in place for maintaining the integrity of the company's accounting, financial statement preparation, and financial reporting. Auditors • the audit firm assumes part of the financial responsibility for the fairness of the financial statements and related presentations Information Intermediaries • In present day, most investors rely on sophisticated financial analysts and information services to gather and analyze information Financial Analysts • Receive accounting reports and other information about the company and gather information through conversations with company executives and visits to company facilities and competitors to create an analyst's reports. Accounting Communications Process Press Release • provide timely information to external users and to limit the possibility of selective leakage of information
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