Chapter 5. Financial reporting, planning, and control

Introduction

Financial reporting has much to do with ethics and public trust, because even the most strict accounting regulations are not foolproof, leaving corporate management with many techniques to fine tune the numbers. Best-in-class global multinationals realize that transparency and accountability are the cornerstones of building integrity. Corporations have an obligation to provide shareholders and stakeholders with the information they need to properly evaluate the company and its performance.

Many of the companies reviewed in this book have internal and external auditors reporting directly to the board of directors, and have instituted a culture of accountability and integrity in everything ...

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