New Webinar Series: Skepticism
Over the last decade, the average amount of time directors commit to a board annually has increased. In 2012, directors spent 219 hours on board-related activities, a significant increase from 156 hours in 2003. Despite this increase, directorship is still a part-time job. Boards rely on reports and data from management to make crucial decisions about the company, including its strategy and risk profile. Combined with an expanding set of oversight responsibilities, it is of critical importance that the board combines this reliance on management with a healthy level of skepticism and questioning.
With this in mind, this week NACD released the first two episodes in a new webinar series on the use of skepticism specifically in deterring and directing financial reporting fraud. These webinars are among many products to be released by a collaborative initiative between NACD, the Center for Audit Quality (CAQ), The Institute of Internal Auditors (IIA), and Financial Executives International (FEI). The series enlists thought leaders in the areas of governance, accounting, and risk management to discuss engaging skepticism in all stages of the financial reporting process.
NACD’s Chief Knowledge Officer Alexandra was involved in the project. Read her blog about her experiences.