Has the accounting standards helped in entrenching the issue of best practices and corporate governance in companies?
The standards have helped greatly in putting in place good corporate governance in companies. Without reliable financial reports, you cannot have good corporate governance. The reason is because the investors in the companies are not the managers. And the investors must be confident that the reports the managers are giving them are reliable. So, without appropriate accounting standards, you cannot have good corporate governance. To that extent, I can say that accounting standards has been doing its job of ensuring effective corporate governance. However, I’m not saying that the system is perfect. All over the world, we do not have any perfect system. Can we say your agency has fairly done well in promoting good financial reporting standards? I think I would leave you to grade our works. It would be unfair for me to grade myself. Are companies complying with the issue of best practices of corporate governance? I would not like to make a general statement about that. Some companies are c
