MIoD: Reliability and transparency are key words in an annual report
According to Jane Valls, CEO at MIoD, the publication of a relevant, reliable and transparent annual report allows to measure to what extent a company succeeds in mastering the complexity of this financial governance. (Image: Company)
The Mauritius Institute of Directors (MIoD) and Association of Chartered Certified Accountants (ACCA) organised a workshop entitled ‘Corporate Governance Reporting’ at Ebène yesterday October 29, 2014, dealing with operational procedures and ethical principles to be observed in the presentation of the activities and the accounts of companies.
The questions, which were addressed and discussed, were focused on the best practice to improve its annual report, how the company can improve its annual report, and how can the company manage to increase its efficiency by implementing the indispensable prescriptions regarding to annual statement.
It may be noted that an annual report is an official document outlining the activities of a company during the past year, which is developed and published to give useful and precise information to all the actors concerned by the company’s situation and evolution, such as shareholders and partners, management employees, customers concerned, funders and potential investors.
The financial information disclosed must be of a high quality, particularly in terms of transparency and conformity.
Entities of public interest, that is, listed companies on the official market, credit companies and insurance companies with a turnover of more than Rs 200 million, have to include in their annual report a record on the good governance.
The difficulty lies in the implementation of a team trained to produce these reports of good governance within institutions and companies.
Generally allocated to the accounts department, companies are often deprived as regards to the formulation of these reports, which become an obligation today.
Indeed, most of the accountants are especially trained to produce financial statements, and have to give the capacity to produce reports covering a vast scope within a company.
The facilitators demonstrated how the implementation of these requirements can help in the good development of the company, to motivate and boost the confidence of the employees.
“The fiscal governance remains a subject of major concern for companies, particularly in the wake of the successive crises which recently shook the big financial centres. The publication of a relevant, reliable and transparent annual report allows to measure to what extent a company succeeds in mastering the complexity of this financial governance,” Jane Valls, CEO at MIoD, highlighted.
Finally, the fact that the Mauritius Qualifications Authority (MQA) approved the workshop brought seven points to the Continuous Professional Development (CPD).