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professional skepticism

By Occasional Contributors | 3 Minutes Read June 1, 2016

The obligation of the board to challenge management

challengeI think we all know that the board is supposed to have a majority of independent directors (at least in public companies) and to challenge the executives running the organization. That is what “oversight” means.
But the board is also supposed to work with those same executives, sharing their insights and experience to complement that of the CEO and his team.
Often, and I have seen this many times, the board finds it difficult to exercise what one might call professional skepticism in listening to the management team. As they look at the CEO and CFO, they see people just like them – one of their class, just perhaps a little younger.
Yet, professional skepticism is needed – and it is their legal obligation.
Recently, a good friend mine, Diane Frankle of Kaye Scholer, touched on this as she analyzed a case involving Yahoo! and the compensation of an executive… Continue reading “The obligation of the board to challenge management”

Article by Occasional Contributors / Business, Finance and Accounting, Not for Profit / board of directors, CEO/CFO, challenge management, executives, independent directors, management team, professional skepticism, risk management, the risk to the board

By Ron Richard | 3 Minutes Read January 2, 2013

Enhancing quality and correcting the threat of intimidation in reporting obligations

To start the year with a challenge, perhaps consider this as one of your organization’s new year's resolutions, addressing or correcting the threat of intimidation within reporting obligations inside your organization. What am I talking about? To illustrate,

Article by Ron Richard / Business, Finance and Accounting, Not for Profit, Privacy / audit, audit and assurance, audit quality and independence, Auditor, Auditor skepticism, CEO, CICA, CIO, COBIT, CQO, enhancing audit quality, independence, Independence in appearance, Independence of mind, information and technology, information technology control guidelines, integrity, International Ethics Standards Board for Accountants, intimidation, intimidation threat, ITIL, ITPolicyPro, objectivity, professional skepticism, quality auditing, Reporting, threat of intimidation

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