Deepening concerns about audit quality and risk management triggered by the latest rounds of auditing corporate scandals in Australia have firmed up Ralph Khoury’s belief that tough conversations are needed in the global CFO and audit communities around governance, compliance and ethics in the profession.
“Having always had the privilege of holding CFO roles in companies operating with the highest standards of governance and compliance, I’ve always had this basic principle that the CFO’s key role is as a steward, with a fiduciary duty to ensure that the company is being managed within certain standards that are impeccable,” says the Dubai-based CFO of Nissan United, a unit within global advertising firm TBWA.
But he says recent press coverage of failed audits in Australia and other markets indicates this principle may “sometimes be forgotten in today’s complex world”, a shortcoming he sees as a potential “sleeper” issue which could impact the reputation of the finance community in general.
“If this ‘stewardship role’ is not elevated as a priority, CFOs run the risk of forgetting their underlying responsibility of providing the right protection for the company’s assets, whether they be tangible or intangible,” says the CPA Australia Fellow who has keenly observed and propagated the evolving remit of CFOs during more than 25 years as a finance professional across Australia, Asia, Europe and the Middle East.
Read the full article > in CFO Magazine
Written by Emma Foster: email@example.com