Corporate Governance Flashcards
1
Q
What does the nominating/Corp Gov Committee do?
A
Oversees Board
Responsible for hiring CEO
2
Q
What does Audit Committee do?
A
Appoints and oversees external auditor
3
Q
What does Compensation Committee do?
A
Handles CEO comp package
4
Q
5 Components of IC Environment (financial reporting)
A
Control Activities Risk Assessment Info and Comm Monitoring Environment
5
Q
Components of Control Environment
A
Philosophy of Mgmt HR resources Reporting compentencies Authority and Responsibility Structure Ethical values Directors
6
Q
Components of Internal Environment (ERM)
A
Philosophy, risk management HR standards Risk appetite Assigment of authority Structure Ethicial values/integrity Directors Committment to compentence
7
Q
Components of ERM (entity wide)
A
Internal Environment Setting, objective Event identification Assessment, Risk Response, risk Activities, control Information and communication Monitoring
8
Q
Attribute Standards (IA)
A
Independence, Objectivity
Professionalism and Due Care
