Economic vitality of sustainability.

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Presentation transcript:

Economic vitality of sustainability.

Introduction Primary responsibility of business entity is to create share holders claue through continuous sustainable economic performance KPIs, Measurement, recognition and reporting in the form of financial statement Role of audit reports on financial statements and internal control over financial reporting Reliability of financial statements, effectiveness of ICFR and efficacy of audits. Role of gatekeepers(board of directors, management, internal and external audit.

Economic KPIs Traditional Financial KPIs not sufficient. The key to creating usable financial KPIs is to offer stakeholders sufficient measures to assess sustainable performance. Important economic KPIs consist of conventional financial information and non financial information presented in the financial statement and management discussion and analysis (MS & A).

Public Trust and Investors confidence in financial Information Reliability is key for investors confidence and promoting efficient capital markets. Wrong information caused financial looses during economic crisis 2007-2009. Ever Increasing demand for high quality financial information makes the role of individuals involved in the corporate financial reporting supply chain a value added function under intense scrutiny. Shareholders --- Directors,( Directors have strengthened their commitment and accountability by overseeing strategic plans, decisions, and performance and spending more time on their duties in overseeing financial reporting process.

SOX The Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation passed by the U.S. Congress to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise, as well as improve the accuracy of corporate disclosures. SEC Securities and exchange commission rules, listing standards and best practices world wide , help to shift the power balance between a companies shareholders, directors and management.

SOX Regulations

Internal control reporting requirements