Nobody downloaded yet

Corporate governance and audit - Coursework Example

Comments (0) Cite this document
Summary
The agency theory deals with the separation between the ownership and control. The government has decided to reduce the agency theory that will affect its shareholders since it is related…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.4% of users find it useful
Corporate governance and audit
Read TextPreview

Extract of sample "Corporate governance and audit"

Download file to see previous pages Therefore the government decides to reduce this theory for minimizing the problem of principal agent and also reducing the direct and indirect cost involved for ensuring that the agents behave in accordance with the principles.
The report that has been established by the UK committees of corporate governance includes the stakeholder theory that not only generates the wealth of the shareholders but also takes into consideration a wide group of stakeholders. The transaction cost theory that not only emphasizes on the wealth of the shareholders but effective accomplishment of the transactions.
a) The scandals of the corporate governance in the light of UK regulatory development can be explained as it facilitates innovation in which it allows the companies to implement new ideas, avoiding of box ticking in which the companies are allowed to complying with the principles and proportionality and long term learning for adopting cultural change in the companies for fulfilling the objectives and principles of corporate governance.
b) The main objectives of OECD code of the corporate governance are to improve the institutional, legal and national framework required for the corporate governance. It focuses on improving the growth and development of the companies.
The underlying principles of the OECD code of corporate governance are that it serves on the basis of the OECD and non OECD countries of the world. The principles mainly focus on the stock market listed companies that will contribute towards improving the corporate governance of the private companies. The principles deal with the transparent market, efficient market and also well regulated market.
The main objective of the shareholder theory is maximization of wealth of the shareholders. The shareholder theory is subjected to minimum regulatory and government intervention in the business operation. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Corporate governance and audit Coursework Example | Topics and Well Written Essays - 2250 words”, n.d.)
Corporate governance and audit Coursework Example | Topics and Well Written Essays - 2250 words. Retrieved from https://studentshare.org/finance-accounting/1691026-corporate-governance-and-audit
(Corporate Governance and Audit Coursework Example | Topics and Well Written Essays - 2250 Words)
Corporate Governance and Audit Coursework Example | Topics and Well Written Essays - 2250 Words. https://studentshare.org/finance-accounting/1691026-corporate-governance-and-audit.
“Corporate Governance and Audit Coursework Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/finance-accounting/1691026-corporate-governance-and-audit.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Corporate governance and audit

Corporate Governance

...Task Corporate Governance Introduction For quite some time, businesses or firms have been practicing merging or simply acquiring other businesses. This is achieved by having the acquiring company maintain its name while the other company’s name is eliminated. Likewise, the two companies have to set rules of engagement that will ensure that they both operate in a manner that serves both of them well without any unfairness. The rules may be touching on both the firms themselves or their customers. This may be because of taking over of one company by another, buying out of one company by another or simply taking over another company. This is done with the main of financial gains or even avoiding making...
4 Pages(1000 words)Essay

Corporate governance

...? CORPORATE GOVERNANCE …………………. and Number …………….. …………. Words- 759 Corporate Governance The way companies are governed determines their success and the role they may play in the economy as well. Companies in recent years started giving greater emphasis on effective governance with a view to ensure competitive position, attract sufficient capital, guarantee sustainability, and combat corruptions. Corporate governance practices are associated with the development of financial markets, because higher level of governance in most countries are related to larger securities markets and lower...
3 Pages(750 words)Essay

Corporate Governance

... ignored the rule. Private companies are also encouraged to follow these corporate governance guidelines even though it is not a compulsory requirement in private firm accounts. This Code contains a principles-based approach and a rules-based approach; the former provides strategies for best practice while the latter rigidly defines exact practices that have to be adhered to. The collapse of a major UK company named Polly led to the formation of a committee in 1991 to ensure the accuracy of financial accounts. According to the committee recommendations, a company must have separate chairman and CEO. Every board has to possess a minimum of three non-executive directors, and each board must maintain an audit committee. In 1994... ...
6 Pages(1500 words)Coursework

Corporate Governance

...for corporate governance started with the Cadbury Report, which was set up after corporate scandals of the 1980s. It recommended the establishment of an Audit Committee (for internal control), a Nomination Committee (to oversee Board appointments) and a Remunerative Committee (to recommend remunerations of directors). These initiatives were implemented in 1993 for all listed public limited companies. The Greenbury Committee was appointed in 1995 to consider whether remunerations to higher managements were justified. It suggested that Remuneration Committees be made up of wholly Non Executive Directors of the firm, who had been independently hired. This recommendation was...
6 Pages(1500 words)Coursework

Internal audit and corporate governance

...INTERNAL AUDIT AND CORPORATE GOVERNANCE and Section # of The purpose of this report is to look into the broader field of auditing by concentrating on internal audit and its part in corporate governance. Corporate governance is the means through which an organisation is manage and controlled. On the other hand, internal auditing is the activities concerned with recommending and directing organizations, with reference to how to improve and achieve the organizational goals. It's an ongoing evaluation of the financial wellbeing of a company's operations by its own employees. Employees who carry out this function are called internal auditors. (Coyle, 2005) Internal Audit In an internal audit, the internal auditors determine, assess... , and the...
10 Pages(2500 words)Essay

CORPORATE GOVERNANCE

...on regulation to enhance its corporate governance. The US has established PCAOB aimed at overseeing the audit of corporations in accordance with the US regulations and laws. The UK approach is quite different in that its oversight body, FPRRP requires corporations and their auditors, employees and other corporation officers. The US has put in place provisions aimed at enhancing the autonomy of external auditors. On the other hand, the UK requires very detailed disclosures by public corporations. The US requires that the chief executive officers and the chief financial officers verify any periodic report contents. On the...
10 Pages(2500 words)Essay

Corporate governance

..., the firms are not only motivated by financial benefits but play wider roles in the development of the society as a whole. Various stakeholders ensure that the business is having positive impact on the wider imperatives of social causes like environment, better HR practices, effective CSR practices etc. The analysis of stakeholders also helps the firm to proactively support the community welfare and at the same time, meet the changing preferences of the customers, thereby significantly impacting it productive outcome and improving its image and credibility amongst the stakeholders. Answer 3 The corporate governance gatekeepers are people who are in position to influence the decisions and activities of...
2 Pages(500 words)Essay

Discussion 1 week 2 Sarbanes-Oxley Act (SOX)

...Running Head: assignment Sarbanes-Oxley Act of the of the of the The Sarbanes-Oxley ActRecommend how the SOX framework can ensure reliable and complete financial information and how accounting professionals have benefitted from its use. Provide support for your response.  The Sarbanes-Oxley Act (2002) - SOX was a commendable step to rejuvenate accounting ethics and weed out the anomalies taking place in corporate governance and audits of large businesses. Inspired by the shocking case of Enron, Tyco and many more, SOX has been able to strengthen the confidence and interests of shareholders in the way independent audit committees perform, financial reporting is carried on...
2 Pages(500 words)Assignment

Corporate Governance

..., debt holders, employees, suppliers, customers as well as societies are not harmed in any form. Some of the fundamental characteristics that define good governance are consensus oriented, accountable, transparent, responsive, participatory, following the rules of law, efficient and effective, inclusive and equitable (Foster and Jonker, 2005). While governance is an old concept, its usage, application and underlying meaning have seen dramatic transformation over the years. Present governance system of corporations is highly complex and consists of various levels of audits, monitoring and scrutiny (Mwenja and Lewis, 2009). Although organizations have...
12 Pages(3250 words)Essay

Corporate Governance

...Securities Disputes Committee 106 5.3.2 Securities Conflict Appeal Committee 107 5.4 The Saudi Stock Exchange 107 5.5 The Ministry of Commerce and Industry 108 5.6 The Accounting and Auditing Professions and the Saudi Organization for Certified Public Accountants 109 5.7 Role of Environmental Matters and Auditing in Corporate Governance 111 5.8 Saudi Ownership Structure 114 5.9 The Board of Directors in the Institutional Framework 115 5.10 The Principal Fiduciary Duties of the Board of Directors 116 5.10.1 General Overview 116 5.10.2 Duty of Care 117 5.10.3 Duty of Loyalty 118 5.10.4 Conflicts of Interest among Board of Directors 119 5.10.5 Disclosure of Information by...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Corporate governance and audit for FREE!

Contact Us