Audit Committee: Audit Committee is constituted by the Board of Directors for monitoring an organization’s financial reporting and disclosures and enhancing confidence in the integrity and authenticity of the same. The formation of Audit Committee holds one of the main pillars of the corporate governance system in companies. Requirement 1: Purpose of Apple’s Audit Committee.
Solution Summary: The author explains that Audit Committee is constituted by the Board of Directors for monitoring an organization's financial reporting and disclosures and enhancing confidence in its integrity and authenticity.
Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.
Chapter 1, Problem 2BTN
To determine
Concept introduction:
Audit Committee:
Audit Committee is constituted by the Board of Directors for monitoring an organization’s financial reporting and disclosures and enhancing confidence in the integrity and authenticity of the same. The formation of Audit Committee holds one of the main pillars of the corporate governance system in companies.
Requirement 1:
Purpose of Apple’s Audit Committee.
To determine
Concept introduction:
Audit Committee:
Audit Committee is constituted by the Board of Directors for monitoring an organization’s financial reporting and disclosures and enhancing confidence in the integrity and authenticity of the same. The formation of Audit Committee holds one of the main pillars of the corporate governance system in companies.
Requirement 2:
Purpose of Google’s Audit Committee.
To determine
Concept introduction:
Audit Committee:
Audit Committee is constituted by the Board of Directors for monitoring an organization’s financial reporting and disclosures and enhancing confidence in the integrity and authenticity of the same. The formation of Audit Committee holds one of the main pillars of the corporate governance system in companies.
Requirement 3:
Involvement of management accountants in assisting Audit Committee in carrying out their responsibilities.
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Name one company (which can be a publicly listed, public company, registered issuer, non-stock, non-profit corporation, partnership, sole proprietor, and yes, even the sari-sari store of your neighbor), and illustrate the inter-relationship of Governance, Risk Management, and Control in your chosen company. Moreover, you may opt to design a simple one-line audit plan on how will you evaluate the Governance, Risk Management, and Control of your chosen company.
Based on Pak Elektron Ltd.'s (PEL) annual report of 2017 explain in your own words the following questions:a) What are the roles of the Audit and HRM Committees ?b) Read through PEL'S Corporate Strategy, Business ethics and Practicesc) Management objectivesd) Stakeholders’ Engagemente) Code of Corporate Governance
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.