Finance essentials for board directors 

If you sit on a board, or want to sit on a board, you must know how to examine and understand a financial report. In this webinar, accountant and academic Seán O’Reilly explains finance essentials for board directors. He gives those who may be financially illiterate, advice on how to get up to speed and understand what’s going on with the finances of a company.

Financial management is the responsibility of board members and they must exercise good judgment. 

In this session, a board member or director will learn how to understand financial information that they receive on a regular basis, what questions to ask, warning signs to watch out for, and questions to ask. 

In addition, Seán O’Reilly provides a high-level overview of the key financial reports as well as warning signs that can indicate financial trouble.

Key takeaways

  • Sean examines the main elements that make up a financial report including income statements, balance sheets, cash flow statements and the director’s report.
  • He looks at your financial reporting requirements, including the regulatory environment you operate in.
  • The difference between limited companies and charities.
  • Financial reporting frameworks.
  • Sean explains the difference between management accounting and financial accounting.
  • He also looks at the red flags board members need to look out for on a set of accounts.
  • What a going concern means; and
  • The role of the audit committee.
  • The key future trends in accounting and finance which board members should be aware

About Seán O’Reilly

Seán O’Reilly is the assistant head of the accounting department at the Technological University Dublin, city campus. Seán trained and qualified as a chartered accountant with PwC. He also lectures on the FAE programme for chartered accountants Ireland and on the financial matters module with the Corporate Governance Institute. 

Seán has experience with professional accountancy bodies as a lecturer, examiner and expert committee member. He has experience as a company founder, director, non-executive director and consultant which includes international projects. Seán is currently a non-executive director in an educational charity and acts on advisory boards for a number of financial technology startups.

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