MGAB01H3 Chapter Notes - Chapter 6: S&P Global, Canadian Securities Administrators, Canada Revenue Agency

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Published on 12 Jul 2015
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Chapter 6: Communicating and Interpreting Accounting Information
Corporate governance: refers to the procedures designed to ensure that the company
is managed in the interests of the shareholders
Players in the Accounting Communication Process
Regulators (CSA, AcSB, AASB, Stock Exchanges)
Canadian Securities Administrators (CSA)
oForum for the 13 securities regulators of Canada’s provinces and territories to
harmonize regulation of the Canadian capital markets
oProtect investors from unfair, improper, or fraudulent practices
Accounting Standards Board (AcSB)
oEstablishing standards of accounting and reporting by Canadian companies
Canada Revenue Agency (CRA)
oCollects income taxes from corporations
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Managers (CEO, CFO, and Accounting Staff)
Statement of management responsibility, ensures that the CFO and CEO personally
certify that:
oThe annual filings do not contain any untrue statement or omit to state a material
fact
oThey have disclosed all significant deficiencies and material weaknesses in the
financial reports that may affect the company’s report
oThey have disclosed any fraud involving management or other employees
involved with the company’s financial reporting
Board of Directors (Audit Committee)
Elected by the shareholders to represent their interests
is responsible for maintaining the integrity of the company’s financial reports
Auditors
unqualified (clean) audit opinion is the auditors’ declaration that the financial
statements are fair presentations in all material respects in conformity with IFRS
by signing the unqualified audit opinion, the audit firm assumes part of the financial
responsibility for the fairness of the financial statements and related presentations
Information Intermediaries: Analysts and Information Services
Financial analysts
oReceived accounting reports and other information
ocombined into an analysts’ report which includes forecasts of share price and
future quarterly and annual earnings per share
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