10/02/2012 1:15 am
He stressed that corporate governance contribute to enhancing the performance of Baghdad – Hussein Tgb Tamimi called expert accounting and auditing d. Tributary pendulum to the need to apply accounting principles advanced in all companies and institutions to achieve economic development for all sectors without exception, pointing to the importance of governance to manage files for billing, audit after training on the best ways of international accounting.
said the pendulum in an interview on the sidelines of an economic seminar to the importance of imposing measures and new rules and the granting of government administration and destinations supervision authorities stronger in order to impose standards of transparency due and disclosure of all the companies and institutions that declare their accounts and financial statements of the masses, and this requires proper application of each of the laws and regulations that determine the specifications of financial statements and reports, which include full disclosure of all data and events that affect directly or indirectly on the safety of the financial position, and the value of assets, and the elements of the commitments and the fact revenues and expenses.
stressing the importance of reducing fraudulent practices, fraud and dealing with conflicts of interest, and to provide sufficient data private activities outside the budget, simplicity and clarification full, through the provision of all data and information in the form of easy simplified enables both professionals and non-Almokhtsaan understand., adding that the development of the accounting system requires the application of good standards to choose members of the Board of Directors where needed to form a team does periodically determine the skills and characteristics and capabilities that must be met in the Board of Directors, prior to the formation of the Council.
He said the development of the administrative in all joints work needs to increase the level of quality of information, and provide opportunities better in front of the decision maker investment, both to assess the stocks they wish to buy Octfaz by Awaltkhals them, as well as to diversify the securities managed by and carry out the publication and distribution of risk.
that governance thus a requirement of privatization and one of the foundations and pillars of economic liberalization and the shift to activate the mechanisms of the market and rationalize the relationship of supply and demand, as well as being a tool and a means to achieve safety projects, companies and organizations through a set of principles and rules that determine the values and ethics practices and behaviors carried out by the administration, which can limit practices shoddy and put an end to a risk of corruption, while maintaining the interests of shareholders and to achieve justice.
said: works of corporate governance to achieve credibility market helps increase confidence and maintains stable transactions and integrity as well as addressing its shortcomings. He pointed out that the importance of governance is reflected in the fight against internal corruption in companies and not to allow his presence or his return again.
And investigation to ensure fairness for all workers in companies ranging from the Board of Directors and executives even the slightest employees. And also avoid having any intentional errors or deliberate deviation and Non-intentional and prevent its continuation. The fight distractions and not allowed to continue.
And reduce errors to a minimum as possible using the control systems that prevent such errors. As well as maximize the use of accounting systems and internal controls and achieve effective spending and linking production spending.
As well as achieving the highest degree of effectiveness of the external auditors and make sure they are at the highest degree of independence and are not subjected to any pressure from the Board of Directors believe executives. And added that governance enables the community to ensure good corporate governance in a scientific and practical leads to provide general frameworks for protection money shareholders and achieve system data and information fair and transparent to achieve the flow of such data and information on an equal footing so as to achieve availability of integrity in the markets and stakeholders and relationships related to projects and companies, and at the same time provide a good tool for judging the performance of councils Adarhacharkat and hold them accountable.
explained, saying that the system of governance is one of the related systems applying policies of economic freedom and activating the provisions of market mechanisms at the same time it is a system that works to attract investments of any State and any of the companies, in working to spread culture of compliance as it relates to operations to achieve added value, as well as capital accumulation, leading to tangible results, mainly economics optimum operation through the elimination of all forms of wastage economic project and not to allow any waste Aurakd Auaadm and Non-conformity with the specifications to increase our economies of cost with less cost by a large margin, as well as the economics of upgrading production and by increasing productivity of production elements of the project where she works governance to raise energies Operating significantly and the consequent significant increase in production and that means there are economies of the best for the project and achieve the effect on the market as a result of owning competitive advantages concrete.
well as the economics of return and yield investment and related profit of capital invested in the project where achieved lower costs and increase the ability of the project to reduce the prices of its products Ottsairha properly and then increase the marketability of these products as well as the return achieved by the project and the payoff.