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How does corporate governance impact financial planning? How can organizations manage this impact?
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Corporate governance is responsible for ensuring that the financial reporting process is done with quality. The Sarbanes-Oxley Act of 2002 was created as a response to the Enron scandal and some companies have now required Boards to include majority of outside directors and independent audit committees. The purpose is to limit the opportunistic behavior of management by giving the Board and the audit committee the right and function to monitor management. With this setup, the impact is that investors are more confident in the quality of the reported earnings (Pergola, et. al., 2009).
Successful businesses strive hard to maintain sustainable competitive advantage so they develop clear strategies which are presented throughout the organization in the form of challenging plans and objectives. Another key to success is to be able to respond effectively to the challenges of the rapidly changing global economic environment (oxford-management.com). The growth of a business depends on a few factors which includes good leadership and an in demand product or service. Another important factor is careful and thorough financial planning. Businesses may …
