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There are many, many examples of management teams that are not interested in corporate governance. Their focus is solely on pursuing opportunities and executing the business plan. Financial reporting and forecasting and presenting to the Board is not a priority. From the Board’s perspective, this focus can be frustrating, especially if performance has been middling. 

In my book, The CFO’s Guide to Good Corporate Governance, I write about adopting mandates for the various committees of the Board of Directors. I also have a chapter that focuses exclusively on the Audit Committee meeting. In doing so, I made the assumption that all companies formed appropriate committees and held periodic meetings. While