Qualcomm Milestone 2

Answer the following case. (1) Identify and explain the corporate governance issues in each case. Support your answer with appropriate theory(s) if any. (2) Give recommendations and justify them to the board of directors. A. XYZ is a limited company operating in the steel industry. Its board of directors consist of nine independent directors, labor union representative director and nominee directors to represent major shareholders and lenders. The board is controlled by dominant directors. Mr. Smith is the independent chair of the board. Mr. John is one of the nominee directors and the husband of the CFO of XYZ. During 2020, the company started to face some financial problems. The board members were not informed with the situation. Mr. John came to know about these problems and advised his major shareholder to sell his shares.

26. As per the corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to choose from the following the role of an audit committee. a. Decide the Directors remuneration b. Approve remuneration and terms of engagement of the external auditor c. Appoint all the Directors in a board d. Appoint the CEO of the company

Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for- profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. HELP & SAVE Statement of Financial Position January 1, 2020 Assets Cash $1,800,000 110,000 400,000 800,000 $3,110,000 Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities $210,000 1,200,000 $1,410,000 Net Assets $1,300,000 400,000 $1,700,000 $3,110,000 Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets SWIM FOR SAFETY Statement of Financial Position January…

J-Chron's board of directors periodically meets with the CFO of the company. The CFO reports on the financial status of a company project. The board asks whether the project is compliant with legally-required accounting principles, but asks no other questions about the project, such as how the project supports the company’s mission and strategy. Which of the following is true? A. The board is meeting legal requirements but not its duty of care to shareholders. B. The board is not legally required to meet any duty of care requirements. C. The board is fully meeting its duty of care to shareholders. D. The board is not meeting its duty of care to shareholders.

10-In Al Anwar Ceramic Tiles Co. SAOG ,the Board has established an Audit Committee comprising of three members out of them one being an independent member. The Company’s Internal Rules on Corporate Governance gives a lists of roles and responsibilities of the Audit Committee members. Which of the following are not the role of Audit Committee as per the International Code of Corporate Governance.   a-Monitor the integrity of the company’s financial statements     b-Approve remuneration and terms of engagement of the external auditor     c-Make recommendations in relation to appointment, reappointment and removal of external auditor     d-Design, operate and monitor a suitable system of internal control

Which of the following are in keeping with Corporate Governance? a   Shareholders run the company on a short term basis B Board of Directors run the company on a short term basis C. CEO and top management run the company on a short term basis D.  Answers a and b E.  Answers a and c

IFAC represents almost 3 million accountants in public practice, education, government service, industry, and commerce. As per IFAC guidelines professional accountants should contribute to the growth of individual companies and society in all the areas, except Acquiring professional skill and competencies Continue to strengthen the worldwide accountancy profession Promoting adherence to high quality professional standards Contribute to the development of strong international economies

Prepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000 4. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him from the accountability and avoid disallowance. 5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to time constraint and returned documents due to some lacking attachments. 6. Record the liquidation of schools that was granted to accountable officer for payment…

For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards must have a corporate governance committee composed at least 3 of independent directors. b. The corporate governance committee must have a written charter that addresses the committee's purpose and responsibilities, and there are must be annual performance evaluation of the committee.

A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed by the trustees) “will become the established authority for setting accounting principles under which corporations report to the shareholders and others” (AICPA news release July 20, 1972). Instructions a.    Identify the sponsoring organization of the FASB and the process by which the FASB arrives at a decision and issues an accounting standard. b.    Indicate the major types of pronouncements issued by the FASB and the purposes of each of these pronouncements.

Express Courier Ltd is a limited liability company which operates as a prestigious, executive courier company. Its most recent financial statements are those for the year ended 31 March 2019. The directors of the company have developed a strong control environment in the company and introduced effective internal controls. These include the following:- Review of monthly management accounts at the finance committee meetings. The use of a non-current assets register. The establishment of an audit committee The company has 50 employees, of which 5 are senior executives and as part of their compensation packages the senior executives are assigned a fully maintained company vehicle. It is company policy to purchase only new cars and to replace them when they are three years old. The executives who are assigned vehicles, have first preference to purchase the replaced cars. They do so, by forwarding sealed bids to the company. If the senior executives who are assigned the vehicles do not…

NYSE corporate governance requirements of companies listed on this stock exchange,, state how it is intended to help to address the risk of fraud in publicly traded organizations. 1. Boards must have an audit committee with a minimum of three independent members. 2.The audit committee must have a written charter that addresses the committee’s purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.

Exercise 1 Below is a summary of the SEC corporate governance requirements of companies publicly-listed in the stock exchange. For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards need to consist of at least 3 independent directors or 1/3 of the board which is higher. b. Boards need to hold regular executive sessions of independent directors without management present. c. Boards must have a corporate governance committee composed at least of 3 independent directors. d. The corporate governance committee must have a written charter that addresses the committee’s purpose and responsibilities, and there must be annual performance evaluation of the committee. e. Boards must have an audit committee with a minimum of three independent members. f. The audit committee must have a written charter that addresses the committee’s purpose and responsibilities, and the committee must produce an audit committee report: there…

Please answer all 2 subparts. Question 1 (i) The objective of the Financial Reporting Council is to: A. Enhance the credibility of financial reporting; and improve the quality of accountancy and audit services. B. Be the voice of directors, through training and certification programmes, workshops and networking events, advocacy, research and thought leadership.C. Promote public awareness about corporate governance principles and practices.D. Act as the national coordinating body responsible for all matters pertaining to corporate governance (ii) A control environment :A. Describes the awareness of (and attitude to) internal controls in the organisation.B. Describes the system or procedures for identifying the risks facing the company C. Describes how controls should be devised and implemented to eliminate, reduce or control risksD. Describes the system of information provision and communication within the organisation

Please explain in detail

3 Which company or organization structure between these two are required to prepare audited financial statements annually? Pick one:   Private Companies or Public Companies _________________ Large Not-for-profit Organizations (NPO) or Private Companies _________________

Answer the following Questions: 1. What is Corporate Governance? Explain the Purpose of Corporate Governance. What are the main pillars of Corporate Governance as per the Code of Corporate Governance for Public Listed Companies in Oman?      (300 words)  2. As per the Capital Market Authority of Oman, explain the principles on Board of Directors’ Formation, Roles and Responsibilities (200 words)  3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics.  What are the safeguards against such threats? ( 500 words)

Answer the following Questions: 1. What is Corporate Governance? Explain the Purpose of Corporate Governance. What are the main pillars of Corporate Governance as per the Code of Corporate Governance for Public Listed Companies in Oman? (300 words) 2. As per the Capital Market Authority of Oman, explain the principles on Board of Directors' Formation, Roles and Responsibilities (200 words) 3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics. What are the safeguards against such threats with regards to i) Safeguards created by the profession, legislation or regulation and ii) Safeguards in the work environment ( 500 words)

Subject : Accounting

45. Which of the following is a reserved activity for which ICAEW is a recognised professional regulator? Actuarial Procure Management consultancy Corporate treasury   46. The finance Director of Wisden Ltd is establishing the company’s treasury management system. Which of the following activities will be part of the system ?    (1) Preparing a cash budget    (2) Budgeting forr production    (3) Preparing a tax return    (4) Management working capital 1 and 2 1 and 4 2 and 3 3 and 4

Which of the following documents will contain information about the compensation for Directors of a public company:   The 10Q   The Proxy Statement   The Annual Report   The outside Auditors Report