Do you face challenges as you deal with your board? This issue addresses how chief financial officers (CFOs) and board members interact as well as the role of the CFO in the boardroom.

This quarterly publication is specifically tailored for CFOs and aims to provide you with relevant, practical tools, resources and events to support you in your role. We welcome your feedback on areas of content for future editions.

CFO and the board: two minutes with Robert Dougall and John Prescott

We compared the role of the CFO and the role of the board member in two recent interviews.

Robert Dougall CPA, CFO of Centennial Coal, shares his thoughts and advice on the role of the CFO in the boardroom, and his particular approaches to assist the board in their role.

John Prescott AC, Chairman of ASC (Australian Submarine Corporation) Pty Ltd, provides an inside look at the how the board assists the CFO with their role, as well as the role the CFO plays on the board.

  In profile: Robert Dougall

  In profile: John Prescott

Developments in financial statement certification: directors' declarations

Amendments to the Corporations Act in 2005 stipulated that directors of listed companies are not permitted to make the directors' declarations until they receive written declarations from both the CEO and CFO regarding the truth and fairness of the financial statements and the accuracy of financial reports.

According to Gail Bergmann, Principal and Governance and Corporate Culture Leader, Ernst & Young, clients have been forced to look more closely at their management representations and to formalise process in areas that were previously more relaxed.

This article provides a series of questions that can help determine whether your certification support process warrants attention.

  Read more signed, sealed, delivered

Audit committee checklist for financial executives

The more engaged and knowledgeable the audit committee is; the more risk is diffused and deflected.

A solution for an audit committee in helping to manage risk is the Audit Committee index objective, a web-based evaluation tool. The solution is provided by The Board Institute, a web-based 360 degree assessment and education solution for boards.

This article offers a checklist from The Board Institute based on input from the broad range of financial experts who interact on a regular basis with boards of directors.

  Read more: The Board Institute/Financial Executives Research Foundation audit committee checklist

An insider's insights to the board of directors

Charles H. King offers some thought-provoking comments on specific subjects relating to boards of directors, including written board guidelines, formal board evaluations and evaluating CEOs. King is managing director and head of Korn/Ferry International's global board services practice for the Americas.

  Read more: boards of directors insights

Tips for handling the audit committee

Know your Audit Committee, communicate with your auditors, and be mindful that it's not always about the numbers.

These tips and more are explored by David Boyd, partner at Deloitte, specialising in internal audit.

  Read more: Deloitte's tips and hints for the CFO or finance director

CFO Breakfast Briefing Series (Vic): Tom Honan - Group 100 President and CFO of Computershare

The next breakfast briefing is scheduled for Tuesday 25 July at the CPA Centre in Melbourne. The breakfast will feature Group 100 President and Chief Financial Officer of Computershare Limited, Mr Tom Honan. Tom will share his personal reflections and thoughts on the challenges facing the modern day CFO.

For more information on this invitation only briefing, please email rosa.gentile@cpaaustralia.com.au

CFO Executive Networking Series (NSW)

Rick Holliday-Smith BA (Hons), FAICD, will be our special guest at the next CFO Executive Networking Luncheon to be held Tuesday, 8 August 2006. The topic of the event, to be held at Shangri-La Hotel, Sydney, is `IFRS and the Real World'.

Rick has 25 years experience in banking and investment banking; he is a specialist in capital markets, derivatives and venture capital activities. Rick is currently the Chairman of SFE Corporation and Snowy Hydro Limited and Non-Executive Director of DCA Group Limited, Servcorp Limited and Cochlear Limited.

For more information on this invitation only briefing, email nsw.events@cpaaustralia.com.au

CPA Australia is committed to supporting you and your staff. CPA Australia has spoken to CFOs and heard that you want: 
    
    ·         Practical tools to help you do your job    
    ·         Opportunities to discuss key issues with your peers     
    ·         Simple targeted communication from CPA Australia 

To provide feedback on this newsletter, or to find out more about the solutions we can offer, contact Andrew France on +61 2 9375 6282 or email cfonews@cpaaustralia.com.au The August 2005 issue, December 2005 issue and March 2006 issue of CFO News can be viewed on CPA Australiafs website.

  August 2005 issue
  December 2005 issue

  March 2006 issue