ABC Ltd (ABC) is a listed company with an audit committee comprising three of the eight board members. ABC's auditor would communicate matters of governance with____. Select one: a. Management, Audit committee and the Board of Directors b. Either the audit committee, the Board of Directors or both. c. Only the Audit Committee and never the full Board of Directors" d. Management only

ABC Ltd (ABC) is a listed company with an audit committee comprising three of the eight board members. ABC's auditor would communicate matters of governance with____. Select one: a. Management, Audit committee and the Board of Directors b. Either the audit committee, the Board of Directors or both. c. Only the Audit Committee and never the full Board of Directors" d. Management only

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 23CYBK

See similar textbooks

Similar questions

The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's board of directors? Select one: A. Nominating committee. B. Audit committee. C. Compensation committee and audit committee. D. Nominating committee and compensation committee.
According to the changes in financial reporting, which of the following are publicly traded companies required to communicate with the external auditors and ensure that they are able to effectively perform their work? Multiple Choice Board of directors Audit committee of the board of directors Audit committee of the management CEO and corporate officers
(i) The panel of Auditors of cooperative society is maintained by – (A) Charted Accountant (B) Central Government (C) Registrar (D) Shareholders (ii)Internal auditor has to submit report to – (A) Shareholders (B) Government(C) Company law board(D) None of above
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
9. Internal auditors are appointed by ______________ of the company. a. Legal advisers b. Shareholders c. Management d. All the given options
14. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one:a. President.b. Chief financial officerc. Chief operating officerd. Board of Directors.
Financial statements of public companies are required to be audited by ______. an independent certified public accounting firm the Audit Committee of the Board of Directors the Chief Financial Officer all of the above none of the above
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.
An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c. Composed of members of a company’s board of directors who are not involved in theday-to-day operations of the company.d. A committee composed of persons not associating in any way with the client or the boardof directors.
Following is a summary of the NYSE corporate governancerequirements of companies listed on this stock exchange.For each requirement, state how it is intended to help to addressthe risk of fraud in publicly traded organizations.a. Boards need to consist of a majority of independent directors.b. Boards need to hold regular executive sessions of independentdirectors without management present.c. Boards must have a nominating/corporate governance committeecomposed entirely of independent directors.d. The nominating/corporate governance committee must have awritten charter that addresses the committee’s purpose andresponsibilities, and there must be an annual performanceevaluation of the committee.e. Boards must have a compensation committee composedentirely of independent directors.f. The compensation committee must have a written charterthat addresses the committee’s purpose and responsibilities,which must include (at a minimum) the responsibility toreview and approve corporate goals…
5.Who has power to decide the external auditor's remuneration?Single choice. Shareholders can Directors on the wish of shareholders Audit committee may have power All of above
Which of the following statements is correct? A.The external auditor is responsible for the preperation of a company's financial statements. B.Audit commitees are now compulsory for the top 500 companies C.An audit commitee may be responsible for reviewing policies on internal control procedures D.Corporate governance can provide assurances that management is accountable for the actions