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AFM101 (200)
Chapter 6

AFM101 Chapter Notes - Chapter 6: Canadian Securities Administrators, Financial Statement, European Cooperation In Science And Technology


Department
Accounting & Financial Management
Course Code
AFM101
Professor
Duane Kennedy
Chapter
6

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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:
oReports 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
oThere’s no significant deficiencies and weaknesses in the internal controls over
financial reporting
oThey 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.
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