Ask Us Anything: Board Finance Q & A with Adrienne Wong and Jasmine Konsorada
For our (Social) Distance Learning last week, we were joined by two incredible female leaders. Adrienne Wong and Jasmine Konsorada took over our Instagram stories to answer your questions about finance.
Adrienne Wong is a Director in PwC’s Deals practice who specializes in advising private equity and corporate clients on the financial aspects and pricing mechanisms of their M&A transactions. As a recipient of CPA Alberta’s 2021 Early Achievement Award, she is passionate about creating a positive environment both in the workplace and in the community.
Jasmine Konsorada is a CPA, CA and is a director in the assurance practice at one of the Big 4 accounting firms. Jasmine was recognized with a CPA Alberta Early Achievement Award in 2018 and was shortlisted for the Woman of the Year at the Canadian Women in Finance Awards in 2019, in part due to her drive for change, including diversity and inclusion, both at the firm and in her community.
Here are our top three takeaways from our latest Social Distance Learning Friday.
How do I ask questions about finance if I have no finance experience?
According to Jasmine, the most insightful question you can ask about finance is only one word- why. “Ask why! Asking why 5 times is the key to getting to the root cause of confusion. It will allow you to understand the issues or concepts you need to know to make informed board decisions. This simple yet critical one word question will get you to where you need to be every time.”
What is financial control?
Adrienne provided an excellent overview of what financial control means. “Financial controls help a board protect assets through risk management policies. Policies often have two components. The first component is that they identify processes. The second component is that they ensure checkpoints within a process to mitigate risk. Checkpoints ultimately lead to control. Approval of the financial statements is a common control you may find in an organization’s financial management policy.”
What’s the difference between a budget and a forecast?
“Both a budget and forecast look at the performance in the future but there are distinct differences. A budget shows the direction of where management wants to take an organization based on strategic goals. On the other hand, a forecast shows whether the organization is reaching those goals and where the company is headed.”
A warm thank you to Adrienne Wong and Jasmine Konsorada for taking the time to share their financial expertise with us. Also, thank you to everyone who participated in our Q & A discussion with meaningful questions for our guests.
Make sure to follow us on Instagram @directhernetwork and join us live for more powerful conversations on our latest Social Distance Learning installment.