. in accordance with the current code f corporate governance for public listed companies in Singapore, the independenc ef any director who has served as an independent director for more than ___ years should be subjected to particulary rigorous review to ensure he continues to serve the objective of an independent director a. 4 b. 6 c. 8 d. 10 e. none of the above

. in accordance with the current code f corporate governance for public listed companies in Singapore, the independenc ef any director who has served as an independent director for more than ___ years should be subjected to particulary rigorous review to ensure he continues to serve the objective of an independent director a. 4 b. 6 c. 8 d. 10 e. none of the above

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 20CYBK

See similar textbooks

Similar questions

4. As per the guidelines of corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to identify from the following any one drawback an audit committee? a. Broader skills within the board b. More trust in the credibility of the audit report c. Better position for the entity if looking to obtain a listing d. Difficult to find Audit Committee members with the relevant qualification, skill and experience
B62. The following statements relate to the Board of Accountancy. Select the incorrect statement: A. The Board consists of a Chairman and six members.B. The chairman and members of the Board are appointed by the President of the Philippines upon recommendation of the Professional Regulation Commission.C. The Professional Regulation Commission may remove from the Board ofAccountancy, any member whose certificate to practice has been revoked or suspended.D. All sectors of accountancy practice shall as much as possible be equitably represented in the Board.
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
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
a) The Agency Problem arises because of the separation of ownership from control of publicly listed corporate organizations.I. Discuss this statement bringing out what the Agency Problem is and management actions or behaviours that may be considered as giving rise to the Agency Problem.II. Explain five ways in which you believe could be used to minimize the occurrence of the Agency Problem in a Ghanaian listed company of your choice
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)
In June 2001, in Oman, the Capital Market Authority issued the Corporate Governance Code, applicable to companies whose securities are listed on the Muscat Securities Market.The Code, drawn from codes of best practices from around the world but adapted to the local market, seeks to promote a "culture of compliance, transparency and accountability without limiting business initiative. Answer the following three questions Which of the following is not one of the International code of Corporate Governance? On retiring, a Chief Executive should become a chairman. At least half the board, excluding the chairman, should comprise non-executive directors Levels of remuneration should be sufficient to attract and retain directors The role of Chairman and chief executive officer should be separated
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.
Question 2a) One of the objectives of a system of corporate governance is to secure the effective, sound andefficient operation of companies. This objective transcends any legislation or voluntary code.Good corporate governance embraces not only making the company prosper but also doingbusiness in a legal and ethical manner. A key element of corporate governance is the auditcommittee. The Audit Committee is a committee of the board of directors and is of a voluntarynature regulated by voluntary codes.You are required to:i) Explain how an audit committee could improve its effectiveness on internal auditor's internalcontrol review and oversight work.i) Discuss the problems associated with initiatives that been put forward to ensure independenceof members of audit committee. b) Quality Chemicals Ltd manufactures a chemical compound which is widely used in industrialcleaning. The compound is made from a small number of chemical products. One of these rawmaterials, Chemical X, is bought…
The Agency Problem arises because of the separation of ownership from control of publiclylisted corporate organizations.I. Discuss this statement bringing out what the Agency Problem is and managementactions or behaviours that may be considered as giving rise to the Agency Problem.II. Explain five ways in which you believe could be used to minimize the occurrence ofthe Agency Problem in a Ghanaian listed company of your choice.
1.Assume that Management had determined that its organization’s audit committee is not effective. How do the weakness in audit committee affect management’s evaluation of internal control over financial reporting? Would an ineffective audit committee constitute a material weakness in internal control over financial reporting? State the rationale for your response. 2.Why is there a need for a corporation to maintain a comprehensive and cost-efficient communication channels to shareholders and other investors? https://t.co/T2YunPMci6 may participation of employee in corporate governance be encouraged?https://t.co/R4EZqrqGgG whom is the board of directors accountable? 5.Does good governance require absolute rules that must be adopted by all organizations? Explain.Link: https://t.co/iuDNqprARZ Subject: management, accounting
Please answer all 3 subparts Quesion 1 i) Factors leading to development of corporate governance codes include:i. Concerns of investors about misleading financial statements ii. Calls from stock exchanges, government, companies and institutional investors to enhance market confidence.iii. The need to reduce the risks of corporate scandals, and promoting fairness, accountability responsibility and transparency in companies. iv. The need to provide for the separation of the role of the Chair and the CEO. A. i and ii onlyB. i, ii and iii onlyC. i, ii and iv onlyD. All of the above (ii) Which of the following is not a responsibility of a remuneration committee?A. The setting up of the remuneration policy for all executive directors and the Company's Chairperson, including pension rights and any compensation payments.B. The evaluation of the effectiveness of the board, and its individual directors.C. Review the on-going appropriateness and relevance of the remuneration policy. D. Take into…