Parties Involved In Corporate Governance

Question 1

Provide oversight of the internal and external audit function and the process of preparing the annual financial statements as well as public reports on internal control

Answer 1

Audit committees of the board of directors

Question 2

Provide effective oversight through election of board members, approval of major initiatives such as buying or selling stock, annual reports on management compensation, from board

Answer 2

Shareholders

Question 3

Major representatives of stockholders to endure that the corporation is run according to the organization’s charter and that there is proper accountability

Answer 3

Board of directors

Question 4

Understand the organizations, its business, its operating environment

Answer 4

Non-executive or independent directors

Question 5

Operations and accountability. Manage the organization effectively; provide accurate and timely reports to shareholders and other stakeholders

Answer 5

Management

Question 6

BOA
SEC
It ensures the quality of accounting and auditing

Answer 6

Regulators

Question 7

Perform audits of company financial statements to ensure that the statements are free of material misstatement that may be due to fraud and error

Answer 7

External auditor

Question 8

Perform audits of companies for compliance with company policies and laws, audits to evaluate the efficiency of operations and periodic evaluation and test of controls

Answer 8

Internal Auditor

Question 9

4 opinions of Auditing

Answer 9

Unqualified opinion
Qualified opinion
Adverse opinion
Disclaimer

Question 10

Set accounting and auditing standards dictating underlying financial reporting and auditing concepts; set the expectations of audit quality and accounting quality

Answer 10

Board of Accountancy

Question 11

Ensure the accuracy, timeliness and fairness of public reporting of financial and other information for public companies

Answer 11

Security and exchange commission

Question 12

Provide standards for professional and ethical behaviour as well as articulate acceptable and unacceptable conduct and practices

Answer 12

Code of Corporate Governance

Question 13

Can be considered as high-level statements of corporate governance
good practice and are applicable to all companies

Answer 13

Principle

Question 14

Are the objective criteria that are intended to identify the
specific features of corporate governance good practices that are recommended for
companies covered by this Code.

Answer 14

Recommendations

Question 15

strive to provide companies with additional information on the
recommended best practice

Answer 15

Explainations

Question 16

The corporate governance responsibilities

Answer 16

1.) Establishing a competent board
2.) Establishing clear roles and responsibilities of the board
3.) Established Board Committees
4.) Fostering Commitment
5.) Reinforcing Board Independence
6.) Assessing board Performance