(i) Which of the following is not a responsibly 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 account all factors which it deems necessary including relevant legal and regulatory requirements, the principles of the Code and associated guidance. (ii) Which one of the following is not a responsibility of the external auditor? A. Responsibility for the ‘true and fair view’ of the financial statements. B. Responsibility to obtain reasonable assurance, in their professional opinion, that the financial statements are free from material error or misstatement. C. That financial statements comply with the relevant laws D. Responsibility to carry out checks of control procedures, documents and transactions in the course of their audit work.. (iii) Which of the following is not an example of internal control risk? A. Risks of errors or fraud in accounting systems and accounting and finance activities. B. Risks that important laws and regulations will not be complied with properly. C. Risks that arise in the business environment and markets in which the company operates D. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events. A. (i) and (ii) only B. (i), (ii) and (iii) only C. (i), (ii) and (iv) only D. All of the above
Please answer all 3 subparts.
Question 1
(i) Which of the following is not a responsibly 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 account all factors which it deems necessary including relevant legal and regulatory requirements, the principles of the Code and associated guidance.
(ii) Which one of the following is not a responsibility of the external auditor?
A. Responsibility for the ‘true and fair view’ of the financial statements.
B. Responsibility to obtain reasonable assurance, in their professional opinion, that the financial statements are free from material error or misstatement.
C. That financial statements comply with the relevant laws
D. Responsibility to carry out checks of control procedures, documents and transactions in the course of their audit work..
(iii) Which of the following is not an example of internal control risk?
A. Risks of errors or fraud in accounting systems and accounting and finance activities.
B. Risks that important laws and regulations will not be complied with properly.
C. Risks that arise in the business environment and markets in which the company operates
D. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events.
A. (i) and (ii) only
B. (i), (ii) and (iii) only
C. (i), (ii) and (iv) only
D. All of the above
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