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.
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.
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
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MANAGERIAL ACCOUNTING FUND. W/CONNECT
- The primer objective of corporate governance is supporting one of the following: Select one: a. All of the given choices b. Increase level of confidence and transparency of company. C. Ensure that the company is run in a legal and ethical manner. d. Control the controller by increasing the amount of reporting and disclosures to all stockholdersarrow_forwardFor 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.arrow_forwardFrom a Corporate Governance perspective discuss the potential impact on Barita’s business after receiving an A-rating from the PSOJ and JSE.arrow_forward
- Identify any corporate governance issues that hinder smooth financial management that prevail in yourcountry. The presentation mainly highlights the following issues:a) What is it?b) Where it occurs?c) Detailed threats it poses to the business market or specific organization(s).d) Suggest solutions to what can be done.arrow_forwardWhich of the following best describes the role that corporate governance plays in a company? Shareholders vote to decide who should be members of the board of directors. Holding the management team accountable to shareholders and other stakeholders for how they use the entity's resources. Management often is compensated based on the company's profitability. Management decides which accounting principles are the most appropriate.arrow_forwardCan you please discuss the extent to which Corporate Governance codes, rules and regulations satisfy the need from all stakeholders for effective management of companies.arrow_forward
- If we talk about the recent trend in the field of accounting research, there is a lot of investigation is going on in the field of ____________. a. Forensic management b. Auditing and assurance c. All of the options d. Corporate governancearrow_forwardThe objective of a system of corporate governance is to secure the effective, sound and efficient operationof companies. This objective transcends any legislation or voluntary code. Good corporate governanceembraces not only making the company prosper but also doing business in a legal and ethical manner. Akey element of corporate governance is the audit committee. The audit committee is a committee of theboard of directors and is of a voluntary nature regulated by voluntary codes. Required:(a) Explain how an audit committee could improve the effectiveness of the external auditor's work. (b) Discuss the problems of ensuring the 'independence' of the members of the audit committee. (c) Discuss the view that the role of the audit committee should not be left to voluntary codes ofpractice but should be regulated by statute.arrow_forwardDescribe how information reduces risk when you make a personal or work-related decision. What are information rules? How do they simplify the process of making decisions? What is the difference between data and information? Give one example of accounting data and one example of accounting information. List the five functions of an MIS. What are the components of a typical business report? Describe the three types of computer applications that help employees, managers, and executives make smart decisions. What purpose do audits and GAAPs serve in today’s business world? How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures? What is the principal difference between a balance sheet and an income statement? How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet? How does the use of money solve the problems associated with a barter system of exchange? For a business firm, what type of activities…arrow_forward
- Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications. Also, explain the nature of each item in the income statement. Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320 Costs…arrow_forwardChoose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications. Also, explain the nature of each item in the income statement. Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320 Costs…arrow_forwardDraft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningBusiness/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage