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The absence of good corporate governance in the banking industry accounts for the following except
Which of the following is not part of the fundamental principles of Accountancy profession as given by international federation of accountants (IFAC)
The theory of Corporate governance which suggested that executives tend to be more motivated to act in the best interest of the organization is
One of the characteristics of a good code in an organization is to
The primary stakeholders are:
The goal of corporate governance and business ethics education is to:
The corporate governance structure of a company reflects the individual companies’:
The internal audit function is least effective when the department:
Under the _____________, both internal and external corporate governance mechanisms are intended to induce managerial actions that maximize profit and shareholder value.
One of the objectives of the Sarbanes-Oxley Act was to:
An organization’s appropriate tone at the top promoting ethical conduct is an example of:
An independent director is one who:
The chairperson of the board of directors and CEO should be leaders with:
A board that is elected in a classified system is known as a:
What is meant by the phrase CSR?
Why, according to stakeholder theory, is it in companies’ best interests to pay attention to their stakeholders?
Which of the following does the term Corporate Social Responsibility relate to?
Who are organisational stakeholders?
The four types of social responsibility include:
Directors’ responsibilities are unlikely to include
_________ is the obligation of a business to meet its economic and legal responsibilities
The _________ Act was an intervention which resulted from the Enron scandal.
The modern corporation has four characteristics. These are limited liability, legal personality, centralized management and _______.
Fiduciary duty is part of Directors’ responsibilities. True or False?
_______ is the use of inside information by an insider to deal in shares of a company to make a profit.
CSR means
The type of relationship that arises when one or more principals engage another person as their steward/agent to perform a service on their behalf is_____
________ theory is based on the principle that costs will arise when you get someone else to do something for you.
A _________ within the framework of corporate governance occurs when an officer or other controlling member of a corporation has other financial interests that directly conflict with the objectives of the corporation.
A ________ approach to corporate governance is based on the view that companies must be required by law to comply with established principles of good corporate governance.
“Comply or Explain” is another name for ________ approach to corporate governance.
INED means
Who is responsible for providing overall leadership of the Company and the Board?
_________ is appointed to provide an independent opinion on the true and fair view of the financial statements of the Company to give assurance to stakeholders on the reliability of the financial statements.
The ________ monitors and reviews the integrity of the financial reporting of the Company, reviewing significant financial reporting judgments.
FRC means
________ is the joint probability of the auditor discovering, observing and reporting financial statement errors.
All services provided by an auditor that are not considered as an audit is called _______.
Management Advisory Services (MAS) may be considered a Non-Audit service. True or False?
________ is a report published by a company or organization about the economic, environmental and social impacts caused by its everyday activities.
There is no one unique best principle of good corporate governance that can be adopted by all companies. However, for companies which intend to compete internationally, there are basic recommended principles of corporate governance. Discuss.
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The subject of corporate governance has received considerable attention worldwide in recent times. One reason for this is the realization that the quality of corporate governance in place affects the performance of individual institutions and ultimately, that of the economy as a whole.
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You are an audit manager of Satsuma & Co and have been assigned to the audit of Tangerine Tech Co (Tangerine), a company which is planning to list on a stock exchange within six months. The listing rules of the stock exchange require compliance with corporate governance principles, and the directors are unsure whether they are following best practice in relation to this. They have asked the audit engagement partner for their view on this matter.
Tangerine’s board is comprised of six executive directors, a non-executive chairman and three other non-executive directors (NEDs). The chairman and one of the NEDs are former executive directors of Tangerine and on reaching retirement age were asked to take on non-executive roles. The company has established an audit committee, and all NEDs are members including the chairman who chairs the committee. All four members of the audit committee were previously involved in sales or production related roles.
All of the directors have been members of the board for at least four years. As the chairman does not have an executive role, he has sole responsibility for liaising with the shareholders and answering any of their questions. The company has not established an internal audit function to monitor internal controls.
Required:
Using the information above:
Describe FIVE corporate governance weaknesses faced by Tangerine Tech Co and provide a recommendation to address each weakness to ensure compliance with corporate governance principles.
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Discuss the role of an External Auditor in Corporate Governance.
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