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1RecordtoReportTheExecutiveBoardisresponsiblefortheconduct,operationalandfinancialperformanceofanorganisation.Theseresponsibilitiesaredischargedby:clearlystatingtheshortandlongtermobjectivesoftheorganisation;clearlystatingthepolicyguidelineswithinwhichtheyexpectmanagementtooperate;definingthesystemforensuringthatmanagementactsinaccordancewiththeBoardsdirection;anddefiningproceduresformeasuringtheextenttowhichprogresstowardscorporateobjectivesisbeingachieved.1.1ThevalueofinformationInorderfortheBoardtobeabletofunctioneffectively,informationiskey.ABoardwhichoperateswithinsufficientorinaccurateinformationwillbeunabletomonitortheorganisationeffectivelywithdecisionmakingbeingbasedonflaweddata.Underthisscenario,thereisasignificantriskthattheorganisationwillfailtomeetitslongtermobjectives.PostEnron,Qwest,WorldCometcExecutiveBoardscannotfailtoappreciatethattheirreportingimpactsnotonlyontheperformanceandfutureoftheirownorganisation,butcapitalmarketsasawhole.Highquality,transparentreportingwhichisbasedonrelevantfinancialandnon-financialvaluedriversiscriticalfordrivingcorporateperformanceaswellrestoringconfidenceinthemarkets.Thefirststeptowardsachievingthisistoimplementaframeworkofmanagementreportingwhichisbasedontimely,relevantandaccurateinformation.Thiswillenableeffectivedecisionmakingaswellasmeetingtheneedsofexternalstakeholders.1.2ScopeofRecordtoReportThescopeofthispaperisthefinancialandnon-financialreportingresponsibilitiesoftheCFO/FD.Assuchitcovers:Section2:Board/Divisional/costcentrereporting(alongwithapplicationofBusinessIntelligencetechniques)Section3:GeneralledgerandthechartofaccountsstructureSection4:MonthendcloseandconsolidationprocessesSection5:StatutoryreportingThepaperdoesnotcoverthereportingresponsibilitiesofotherOperationalExecutives(eg.Sales,Logistics,CRM,Marketing,HRetc).2Managementreporting2.1ThepurposeofmanagementinformationThepurposeofmanagementinformationisto:monitorprogressagainstcorporateobjectivesandplansidentifyactionsrequiredwhereactualperformanceisatvariancewithexpectationTheBoardReportisakeycomponentinthemanagementreportinghierarchy,collatinginformationacrossanorganisation.TheBoardReportcombinesthevariousoperationalactivitiesthroughthecommonandobjectivemediumoffinance(beitsterling,dollarsetc).AgoodBoardReportwillultimatelydrivedecisionmakingandactions,assistingtheorganisationtoachieveitsshort-termandlongtermobjectives.AssuchtheBoardReportshouldprovideallthenecessaryinformationtosupporttheBoardinfulfillingitsresponsibilities.Indoingsoitshouldbe:Externallyfocused-Marketopportunities-Threats-CompetitionForwardlooking-Drivingvision-Aligningoperationstostrategy-RefiningstrategyasrequiredChallengingtothemanagementteam-Drivingperformance-Questioningthestatusquo-Understandingandmanagingrisks2.2Managementreporting&operationalreportingManagementreportingisabroadtermwhichmaymeandifferentthingstodifferentpeople.Itis,therefore,necessarytounderstandthedistinctionbetween:managementreportingasusedbykeyExecutivesandseniormanagement.Thesereportsareusedtodrivedecisionmakingandmeasurewhetherornotcorporateobjectivesarebeingmet.Thistypeofreportingneedstobesalient,relevant,coveringbothfinancialandnonfinancialcriteriamanagementreportingasusedfordaytodayoperationalpurposes.Examplesincludecostcentrereports,headcountanalysis,callcentreperformanceet...