Audits can be a headache for any organization. For banks and other companies in heavily-regulated industries, audits can quickly eat up a disproportionate amount of a board’s time and focus. Chartering a specialized committee can ease the headache of routine audits. So let’s take a closer look at everything your board needs to know about audit committees.Continue reading
Financial oversight, while closely related to fiduciary duties in general, calls for a board member’s attention to detail and ability to understand the current position of the company’s financial assets. Although every decision a board member makes may not be a financial one, all of their decisions will affect the financial future of the organization they serve.
Providing a company with great financial oversight takes serious effort on the part of board members. Here are some ways that they can excel: