Griffin Ltd produces shoes and footwear and distributes to major clothing and sports retailers around Australia. Recently a new CEO has been recruited. As part of internal restructuring, he has outsourced the external reporting function to a local accounting firm. In a recent management meeting, he stated:

General ledger and financial reporting cycle have no strategic importance to our business. Nobody cares about our financial reports except the regulators and our investors. The local accounting firms can do a much better, and more efficient job, at collating our financial data and produce the financial reports. Our managers and staff then can have time to focus on running the core business which is to produce and sell shoes.

Discuss his statement and stating whether you agree or disagree. Provide examples related to the business to support your arguments.