The numbers the board cannot take on trust

Every comfortable board takes the pack on trust. The uncomfortable ones have already met late numbers, a weak finance function, cash that moved without a story, a bank that started asking better questions, or HMRC attention that should have been visible earlier. Holding the executive — especially the FD — to account on the integrity of the numbers is the least glamorous part of a Chair mandate. It is also the part that protects shareholders, employees and the professional advisers in the room.

What inspectable looks like

A short KPI set. Cash and P&L that reconcile to the bank. Pipeline that has a definition, not a hope. Actions from the last meeting that either happened or are explained. Papers issued in time for someone to read them.

When it is already a crisis

One construction-group mandate included growth oversight and a finance-function crisis: fraudulent misrepresentation of results, cashflow stress, bankers, HMRC, shareholders and suppliers. Reputation and growth were protected. That is not a marketing line. It is why accountants are right to care who they put on a client board.

A NED is not a part-time FD. If the packs are the problem, that will be said to the owner while the accountant remains the professional adviser on tax, audit and the transaction.