Director Financial Literacy

Data Governance Framework for Board

As board directors, financial literacy is not just filling a role. Understanding financial statements is about fulfilling your legal duties and providing good stewardship of your organization. The legal requirements for the financial ability of a director are defined by legislation, whether you are an incorporated association, a company or a charity.

The well know Centro legal case is a good example of directors not understanding their financial reports. This case emphasises the inadequacy of only relying on financial experts in the company and all directors must understand their financial reports. Research has found over 30% of directors admit relying completely on management about the finances. Here are some suggestions:

  • Assess your current financial skills
  • Get training in understanding such reports
  • Start with the basics and keep learning
  • Develop your own routine for financial monitoring
  • Ask your company accountants or other directors for any help
  • Develop a set of questions to ask in three areas: solvency, performance and growth. (I have 21 such questions I use)

Remember if I can be of any help to your business simply email at info@tappadvisory.com.au or ring me on 0411111588 and I will be happy to assist, at no cost to you.

Warren Tapp
Tapp Advisory, Business Consulting Gold Coast.
Business Profits Made Easy.

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Business 101 Videos

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Get Your Copy – Board Basics

Resources from the Tapp Advisory Store:

  • Board Basics – Hard Copy – A simple introduction to the roles and responsibilities of Directors on Boards. It is a non- technical book you can use as a handy reference guide if you report to a Board, or you are appointed to one in Australia. It is a 68- page paperback.

Questions for Company Directors ebook

Questions for Company Directors

Questions for Company Directors – Hard Copy

The book ‘Questions for Company Directors’ is a simple handbook to inform directors about the questions they need to put to management as part of their oversight role.

Directors should keep this book handy at all times – and keep asking those questions!

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Club Board Training to improve your Club Governance

Club Governance Online Training Program is for all Board and Committee Members

Does your Organisation’s Board, Committee and each of the Directors know how to do their jobs?

Now there is a solution to ensuring your Board or Committee know how to do their job and protect your Organisation!

Club Governance Online Training Program is for all Board and Committee Members

Does your Organisation’s Board, Committee and each of the Directors know how to do their jobs?

Now there is a solution to ensuring your Board or Committee know how to do their job and protect your Organisation!

Got a question? Or need a hand?

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