What Centro Means for Directors of Exploration Companies
07 September 2012
Perth Convention and Exhibition Centre
What Centro means for directors of exploration companies: questions you need to ask
Justice Middleton’s ruling in the Centro case confirmed that the responsibility for the financial report lay ultimately with the directors, and this responsibility could not be delegated.
BDO’s Wayne Basford will discuss actions directors of explorers should be taking to fulfil their duties under the Corporations Act. As a key expert witness in the Centro case, Wayne is able to offer unique insights. He will share his knowledge of the most important messages for non-executive directors of exploration companies.
BDO will also provide a checklist of critical questions that you should be asking of the executive management and the auditor before approving the financial statements.
Some of the questions you need to ask:
• Have we got sufficient cash to continue?
• Do these accounting policies make sense?
• Should there be impairment charges?
• Have our joint venture arrangements been correctly accounted for?
• When are our convertible notes due for repayment?
• Is our choice of functional currency appropriate?
Wayne has over 22 years experience in audit and advisory services, having worked with other major accountancy firms on three continents. He has over 10 years experience as a ‘technical accountant’, specialising in IFRS. Wayne has extensive experience in large multinational audits with particular focus on cross border listings in China.
Wayne has undertaken a number of expert witness assignments regarding the application of accounting and auditing standards and undertakes consulting assignments regarding the application of IFRS to complex transactions. He is a member of BDO International IFRS team and BDO’s global leader on IFRS as it applies to the resources sector. Cost
Complimentary by invitation only. Breakfast provided.
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