Foundations of Financial Governance and Compliance

Overview:

Introduction:

Financial governance encompasses the systems, processes, and principles that ensure the effective management of financial resources. It plays a crucial role in establishing transparency, accountability, and ethical behavior within organizations. This training program is designed to provide participants with a foundational understanding of financial governance principles, practices, and the importance of compliance in maintaining organizational integrity.

Program Objectives:

By the end of this training, participants will be able to:

• Understand the key concepts and principles of financial governance.

• Identify the roles and responsibilities of stakeholders in financial governance.

• Recognize the importance of compliance and risk management in financial decision-making.

• Apply best practices in financial reporting and auditing.

• Develop a basic framework for implementing financial governance in their organizations.

Targeted Audience:

• Entry-level finance professionals.

• Business owners.

• Non-profit organization staff.

Program Outlines:

Unit 1:

Introduction to Financial Governance:

•  Definition and Importance of Financial Governance.

•  Historical Context and Evolution of Financial Governance.

•  Key Principles of Financial Governance.

•  Stakeholders in Financial Governance.

•  Ethical Considerations in Financial Governance.

Unit 2:

Roles and Responsibilities in Financial Governance:

•  The Role of the Board of Directors.

•  Responsibilities of Financial Managers.

•  Internal and External Auditors.

•  Compliance Officers and Their Importance.

•  The Role of Shareholders and Stakeholders.

Unit 3:

Compliance and Regulatory Frameworks:

• Overview of Financial Regulations and Standards.

• Key Regulatory Bodies (e.g., SEC, IFRS).

• Compliance Requirements for Organizations.

• Consequences of Non-Compliance.

• Case Studies of Compliance Failures.

Unit 4:

Risk Management in Financial Governance:

•  Understanding Financial Risks.

•  Risk Assessment Processes.

•  Tools for Managing Financial Risks.

•  Integrating Risk Management into Financial Governance.

Unit 5:

Financial Reporting and Auditing:

•  Importance of Accurate Financial Reporting.

•  Overview of Financial Statements (Balance Sheet, Income Statement, Cash Flow Statement).

•  The Role of Auditing in Financial Governance.

•  Internal vs. External Audits.