Governance and Control Skills Final Assessment

Who is typically responsible for governance within a company?

What is an executive Chairperson?

Which of the following statements is correct regarding the CFO’s board report?

CFOs should include more information within each board report.
Most investors and NEDs feel there is far too much information included in board packs.
Most finance leaders do not spend enough time preparing board reports .

What are the key components of financial risk?

Which of your key risks should you document in your Risk Register?

You should document all of your key risks within your Risk Register, regardless of their likelihood of occurring.
You should only document the key risks that are most likely to occur.
You should only document the key risks that would have the biggest impact on your business.

Which of the following compliance statements is true?

There are so many rules and regulations to keep track of, and it can be difficult to know where to start.
There is one external database that every company can use to identify all of their compliance requirements.
The same laws and regulations exist regardless of which countries you operate in.

Who should be involved in the monthly close process?

What is the definition of Late Adjustments during the monthly close process?

The adjustments that somebody sends through after your cut-off for submissions has past and insists are necessary.
Your month-end accruals and prepayments.
Adjustments identified by your statutory auditor that relate to errors.

What is Just In Time Inventory Management?

A strategy that aims to reduce inefficiencies in the supply chain by ensuring that only the necessary amount of inventory is kept on hand.
A strategy where you only pay for raw materials at the point your sell them to your customer.
A strategy where you hold excess stock levels to avoid running out of inventory at short notice.

What is the best practice approach for negotiating your supplier terms?

Team Development 10 – Governance & Control