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Key Takeaways:
- One of the roles of a board of directors is to continually assess the company and make decisions in the best interest of sustaining value for the long-term.
- Decisions to change business models should be weighed against the core purpose of the organization.
- Significant strategic changes necessitate the board to broadly evaluate the impacts on significant internal and external stakeholders.
References:
- SEC Chief Accountant Statement: Audit Independence and Ethical Responsibilities: Critical Points to Consider when Contemplating and Audit Firm Restructuring
BDO in the Boardroom