The chief executive officer and chief financial officer of the Blue Willow Food Service Corporation must personally certify that the company's financial statements are accurate. This is an example of corporate governance in action.

a. True

b. False

a. True

Explanation:

Corporate governance in simple terms refers to a system by which corporate firms are governed and run.

Such a system involves taking care of the interests of all the stakeholders of a company which would include it's shareholders, suppliers, employees, investors or users of financial statements, etc.

Corporate governance is a wide term and encompasses abidance to rules and laws, adoption of fair and sound organization policies, protection to whistle blowers and ensuring compliance with true and fair view and reporting requirements of financial statements.

In the given case, when chief executive officer and chief financial officer both are required to certify financial statements accuracy, it means that such a requirement increases the accountability of those charged with governance and at the same time boosts the reliability of such statements to the end users.