10 Questions
In what type of meetings are CEO, CFO, and senior management involved, according to the text?
Clinical status update meetings.
What is one way the CEO, CFO, and senior management are involved in audit procedures?
Involvement in pre-quarter close meetings.
In what financial process are CEO, CFO, and senior management heavily involved?
The budgeting process.
What type of significant transactions require discussion and approval from CEO, CFO, and senior management?
Any significant transactions.
What financial documents do CEO, CFO, and senior management review periodically?
Financial statements.
Who prepares a memo discussing significant and non-routine transactions on a quarterly basis?
The Accounting Manager, Director of Accounting, Director of Revenue and Collaborations, or the Director of Financial Reporting
What factors influence the determination of topics to include in the quarterly memo?
The level of accounting research and the materiality of the activity
Who reviews the quarterly memo, as evidenced by sign-off or email?
The Executive Director of Accounting or VP of Accounting
How often is the memo discussing significant and non-routine transactions prepared?
Quarterly
What type of transactions are discussed in the quarterly memo?
Significant and non-routine transactions
Study Notes
Senior Management Involvement in Sage
- CEO, CFO, and senior management are heavily involved in Sage's day-to-day operations
- They participate in clinical status update meetings to stay informed about project developments
- They are involved in audit procedures, including pre-quarter close meetings, to ensure financial accuracy
- They play a crucial role in the budgeting process to allocate resources effectively
- They review and discuss any significant transactions to ensure alignment with company goals
- They review and approve contracts to ensure compliance with regulations
- They participate in policy discussions to shape company decisions
- They review financial statements to ensure accuracy and transparency
- They review procedures during the year to ensure efficiency and effectiveness
Memo Preparation
- Prepared quarterly by the Accounting Manager, Director of Accounting, Director of Revenue and Collaborations, or the Director of Financial Reporting
- Discusses significant and non-routine transactions
Memo Content
- Content determined by judgment, considering factors such as:
- Level of accounting research
- Materiality of activity
Memo Review
- Reviewed by the Executive Director of Accounting or VP of Accounting
- Evidence of review:
- Sign-off on the memo
- Email confirmation
This quiz assesses your knowledge of the roles and responsibilities of senior management, including the CEO and CFO, at Sage, particularly in clinical status updates, audit procedures, budgeting, and financial reviews.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
