The Crucial Subtleties of Being an Audit Committee Chair - In conversation with Barry G. Moss
Understanding the Broader View to Ensure Company Success
An incorrect assumption is that the Audit Committee Chair is only focused on compliance. The reality is that the Audit Committee Chair is critical to the successful operation of the company and to ensuring the enterprise’s performance is appropriately represented to the investing public and regulators.
Today we are in conversation with Barry Moss, an exceptional leader with over 30 years of experience as a senior advisor, board member, and business strategist. Barry speaks on the importance of the Audit Committee Chair’s role and its vital place in the prosperity of a business.
As an Audit Committee Chair, you have had the experience of successfully taking on high-risk roles. These positions require quick and intelligent decision-making, risk mitigation strategy, effective leadership, and a deep understanding of the industry landscape. Can you tell us more about this and how you handle high-risk roles?
“The critical aspect of an Audit Committee Chair is the ability to handle business dynamics. Many people believe that the Audit Committee Chair is the same as a compliance role. However, it is much more than that. As Audit Committee Chair, it is vital to understand the nuances and key issues revolving around the business, whether finance, real estate, or consumer products, so that you can solve problems efficiently. For example, if your company is buying a business — what is the best way to integrate it so that the projected future results given to Wall Street, actually happen.
“Another important aspect of the Audit Committee Chair’s role is its involvement in interacting with the investor community, particularly with businesses in industries with potential financial and credibility issues. It is imperative to ensure that your disclosures are clear and precise, and easily understandable for people so that your business is properly represented. This is key for those deciding to buy stock or become a vendor or business customer. For this to happen, the Audit Committee Chair needs to understand the business and industry to adequately disclose pertinent information in a credible way to stakeholders and others so that they can quickly grasp your business and not have any doubts or worries. The disclosed information might need to comply with a regulatory framework, whether SEC or international regulators.”
Thank you, Barry, for your informative answer.
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