The Group of 100 (G100) and Ernst & Young have released a revised Financial Reporting Guide to assist Australia’s CEOs and CFOs in their sign-off of financial statements. Sign-off is a mandatory requirement under the Corporations Act from FY 2005. 
 
The guide highlights the changes in financial certification practices that have developed.  
 
A core feature of the guide is its practicality which is enhanced by an internal control questionnaire. The questionnaire can be used across all business units and be developed to become and ongoing elements of a company’s risk management practice, and not just viewed as a once a year exercise.  
 
Karen McWilliams, Manager for Members in Business said: ’The guide is particularly important for this reporting season as it reflects the greater scrutiny being applied to financial reporting by boards and audit committees following the global financial crisis’. 
 
The guide complements the Institute’s ongoing campaign in assisting the ‘c-suite’, board and audit committee level conduct their roles as leaders of the business community. The Institute’s Guide to audit quality is an example of guidance positioned to the board and audit committee level.  
 
 
 
Relevant links 

• The Institute: Guide to audit quality 
  
• Ernst & Young: Financial Reporting Certification Guide 
  
• G100: website