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Importance of Governance in Small Businesses

Small businesses need good governance to achieve objectives and goals. Management is responsible for establishing internal controls over financial reporting and protecting company assets. The board of directors is accountable to shareholders for benefitting business operations and corporate governance in achieving management objectives and goals.

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Anna Marie Tayag
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5 views1 page

Importance of Governance in Small Businesses

Small businesses need good governance to achieve objectives and goals. Management is responsible for establishing internal controls over financial reporting and protecting company assets. The board of directors is accountable to shareholders for benefitting business operations and corporate governance in achieving management objectives and goals.

Uploaded by

Anna Marie Tayag
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1. Do you agree that small business enterprise do not need good governance?

Why or Why not?


No, every business small or big need good governance. For a small
enterprise, establishing a good governance to achieve it objectives and
goals is very important. Good governance is a heart of any successful
business.
2. What is the management’s responsibility as far as a financial reporting is
concerned?
As far as financial reporting is concern, management responsible is
establishing and maintain an adequate internal control over financial
reporting and its include protection of the asset of the company.
3. To whom is the board of directors accountable? Why are they accountable?
The Board of Directors is accountable to the shareholders for
the benefit of company's business operations and corporate
governance in accordance with achieving management
objectives and goals.

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