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Financial Reporting & Communications Risk

Financial Reporting & Communications Risk

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Financial Reporting & Communications Risk

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Presentation Transcript

  1. Financial Reporting & Communications Risk Corporate Governance

  2. What is transparency • Allowing others to see the truth about a company without hiding things or altering facts to show the company in a better light • The ability of third parties to process & understand information about the company • It is critical to the credibility of a company

  3. King III – Financial Reporting • Complete, timely, relevant, accurate, honest & accessible info must be given to stakeholders • Language must be clear & understandable • Board should adopt responsible communications programme • Board should consider disclosing PAIA requests in report • Audit committee should review & comment on financial statements in annual report • Board should ensure timely risk disclosure to stakeholders

  4. King III – Risk management • Board should develop risk management policy • Board should approve risk management policy & distribute throughout company • Board should delegate responsibility for risk management plan to management • Board should monitor risk management plan • Board should determine risk tolerance • Internal audit to assess effectiveness of risk management plan

  5. Transparency in reporting • Complete, timely, relevant, accurate, honest & accessible info must be given to stakeholders • King III • Company is corporate citizen with responsibility to stakeholders • Effective communication with all stakeholders • Level of transparency • Include forward looking information

  6. Whistle Blowers • Protected Disclosures Act, 2000 • Section 159 of Companies Act, 2008 • Protected disclosure if made in good faith

  7. Statutory Records & Reports • Companies Act • Duty to maintain records – registers, minutes etc • JSE Listed companies • Duty to disclose • SENS, annual report etc • King III • Integrated report • PAIA