Quick question:
We are concluding the first external review of our financials with external CPAs. The timing is a month or so before our next board meeting. What is the usual / preferred approach - to wait until the meeting to discuss the
Audit adjustments - post before or after board meeting?
Answers
As a standard, I usually ask Boards to set up an approval structure outside formal board meetings. An approval (verbal or email) from a certain number (usually 2-3 but depending on your board composition) of directors but to be formally approved in the next meeting.
I would do these:
1, Discuss with and get approval from CEO,
2, Discuss with and get approval from Audit Chair,
3, Post or make adjustments
4. Present to full board with adjustments BUT with clear before and after picture, Depending on your Audit Chair and the types/nature of adjustments, you may be able to do away with the before and after picture...and just present the final statements.
thank you for all your support