Module 3 – Oversight and Finance

Module 3: Oversight and FinanceNiagara-on-the-Lake, ONNovember 5-7, 2020$4,370.00
Module 3: Oversight and FinanceNiagara-on-the-Lake, ONMarch 11-13, 2021$4,370.00
Module 3: Oversight and FinanceNiagara-on-the-Lake, ONNovember 4-6, 2021$4,370.00

Module 3: Outline

Principle-Based Accounting

  • How can boards use principle-based accounting to assess management’s choices?

Audit Committee Priorities

  • How do the right composition and committee structure—independence, leadership, and diversity of views—help to develop an effective audit committee?
  • What expertise/resources are needed to oversee the organization’s strategy and risks?
  • How does the audit committee chair encourage a culture of compliance and financial reporting integrity and consistency?

Interpreting the Statement of Cash Flows

  • How can directors best interpret the statement of cash flows and “follow the cash”?

Integrated Performance Measurement

  • How do directors measure the alignment of strategic objectives with financial results and overall success?
  • What are the most effective financial ratios and how can directors best lever this information?

A Balanced Scorecard for Boards of Directors

  • How can the board use the Balanced Scorecard framework to monitor corporate and board performance?

Director Oversight of Risk Management—A CRO’s Eye View

  • What is risk today? What is contemporary risk management? What is risk oversight?

Internal Audit

  • What is the relationship between the audit committee, the internal auditor, and the management team?
  • What services should the board expect from an internal audit?
  • What is the board’s role in maximizing the benefits from an internal audit?

The Audit Regime

  • What are the roles, responsibilities, and reporting duties of the audit committee?
  • How is the relationship with the external auditor led and managed effectively?
  • What are the key questions and practices corporate directors should use to ensure an effective audit regime?
  • How should the board deal with sensitive issues, such as uncorrected deficiencies, accounting adjustments/misstatements, and major changes in accounting practices?

Board and Audit Committee Responsibility for Risk

  • Lessons from distressed situations.
  • What governance experts and committee checklists never prepare the board for.

The Convergence of Leadership and Ethics

  • Explore and develop insight into the convergence of leadership and ethics on boards.
  • Discuss emerging moral issues and ethical leadership.

Putting It All Together: Overseeing Performance

  • Using a case study approach, undertake a critical analysis of how a board of directors can oversee the performance of the corporation and its management team.

In Summary

  • Discover what directors need to know and how to access and assess information on finance—using accounting principles, financial and non-financial indicators, and risk assessment.
  • Understand the roles, responsibilities, and relationships between the board and the audit committee, the internal auditor, and the external auditor.
  • Explore your ethics guidelines and your ability to apply moral reasoning in governing your organization.

The Chartered Director Program is now also being offered in Vancouver, BC in partnership with the Sauder School of Business at the University of British Columbia.

What our graduates say?

“The Directors College experience has been nothing short of exceptional, with immediate benefit within the boards on which I serve. Undoubtedly, this program supports its brand of being the gold standard in board governance effectiveness. Of particular benefit was the opportunity to share the learning experience with colleagues within their various roles at the boardroom table. I have developed an enriched knowledge base from which to draw, as well as an enhanced quality network. Without hesitation, I recommend this program, and congratulate its faculty and staff for its commitment to excellence within its mandate.”

Silvia Martini, Vice-President, Interlink Research Inc.

“I performed a significant amount of research when selecting an option for advanced governance education. All of my research pointed to The Directors College. Being the only university accredited program was important, but more important, was that the faculty has an amazing balance of academic and professional background. No other program offers such a unique and high learning environment – the perfect balance of academia and real examples. The experience is demanding and allows you to generate a vast networks of peers who are dedicated to raising the bar on governance – truly the gold standard.”

Daniel Johnson, B.Comm, C.Dir., Chief Executive Officer, Innovation Credit Union

“The Chartered Director program provided me with a solid foundation in governance which built my confidence to comprehensively serve as a director. The exceptional content and educational process enhanced my curiosity, courage and ability to ask the right questions on crown, non-profit and corporate boards.”

Victor T. Thomas, C.Dir., H.R.C.C.C., Vice Chair, SaskEnergy

“I thought the entire program was very well developed and comprehensive. You never know what to expect when you sign-up for these programs and this exceeded my expectations and was a great learning opportunity.”

James Scongack, C.Dir., Vice-President of Corporate Affairs, Bruce Power LP

“I found the Chartered Director Program to be an excellent forum to understand how strong governance complements effective management. The ability to create and execute an effective strategy is significantly enhanced by a robust process inclusive of board engagement where the right questions are asked and expected outcomes are identified. I truly enjoyed the setting which fostered a strong level of interaction that was supported by quality presentations and material. As CEO of a Shared Service Organization set to deliver benefits to its members, I see the advantage of having a number of our board members participating in this program.”

Tony Di Emanuele, MBA, C.Dir., President and CEO, Mohawk Shared Services

“A strong board needs a combination of industry knowledge and sound judgement. You need people able to challenge one another, but in a productive environment. The Directors College provides skills, perspectives and tactics to drive value as an effective and successful board member. As a graduate of the Chartered Director Program, I found The Directors College an excellent survey of the critical issues and developing trends of today’s corporate environment. I highly recommend The Directors College.”

The Honourable John Manley, P.C., O.C., C.Dir., President & Chief Executive, Canadian Council of Chief Executives and former Deputy Prime Minister of Canada

“The changes that impact corporate governance are establishing a pattern of increased accountability for the delivery of long-term value to customers, shareholders, employees and society. Proper corporate governance is now being defined to include knowledge of critical elements such as risk management and the measurement of strategic performance. At the end of the day, each board will be judged on its ability to effectively deliver value, rather than on its structure. The Directors College innovative program fills a unique and important gap in providing knowledge and insight as to how this expectation can be met. CMA Canada is pleased to be a sponsor of this timely initiative.”

Steve Vieweg, C.Dir., CPFA (Hon), FCPA FCMA, CEO, CPA Western School of Business

“As an organization focused on educating corporate secretaries, the CSCS believes in furthering the potential of board members to better contribute to building effective governance structures. Given the key role of directors and corporate secretaries in applying proper boardroom practices, corporations need to ensure that these individuals meet a professional standard. The Directors College curriculum covers all the formal regulatory issues for directors and also addresses the informal skills of building effective and appropriate relationships with senior management. We see significant benefits to this program and CSCS is pleased to endorse it.”

Lynn Beauregard, President, Canadian Society of Corporate Secretaries

The Directors College has developed a director education program which goes well beyond the fundamentals to address the structures and the behavioural components of principle-based governance. I am proud to be associated with the Directors College and I am honoured to lend my name to the College’s graduate award.

Gilbert Bennett, Director and Former Chairman of the Board, Canadian Tire Corporation Limited