and international auditing standards. To be an independent auditor, one must not have close relationship or direct connection with the company directors and shareholders. Besides, an independent auditor must not have relatives or close friends working in the company. If auditors have direct relationship with the client companies, their board of directors or shareholders, the danger is that their judgments and opinions will be severely impaired or affected. One of the most high-profile auditing
Words: 1380 - Pages: 6
officers, directors or auditors. This manual may be used for guidance and compliance must be ensured with the provisions of applicable laws and regulations. CONTENTS I. II. INTRODUCTION WHAT IS CORPORATE GOVERNANCE? (i) The Background (ii) Definition of Corporate Governance (iii) The Benefits of Corporate Governance (iv) The Pakistani Corporation (v) The Origins of Corporate Governance in Pakistan THE NEED FOR CORPORATE GOVERNANCE THE STAKEHOLDERS (i) General (ii) Shareholders (iii) Directors (iv)
Words: 8905 - Pages: 36
collecting and safeguarding customs duties and for controlling the flow of goods including animals, personal effects and hazardous items in and out of a country. Depending on local legislation and regulations, the import and export of some goods may be restricted or forbidden, and the customs agency enforces these rules. Customs duty synonyms of tariff and involves a tax on commodities entering and leaving the country. In Bangladesh the levy and chargeability of customs duty are governed by the Customs Act
Words: 5106 - Pages: 21
CORPORATE GOVERNANCE PRINCIPLES ADOPTED BY THE BOARD OF DIRECTORS OF BLACKMORES LIMITED Page Principle 1 : LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT 2 Principle 2: STRUCTURE THE BOARD TO ADD VALUE 5 Principle 3: PROMOTE ETHICAL RESPONSIBLE DECISION-MAKING 10 Principle 4: SAFEGUARD INTEGRITY IN FINANCIAL REPORTING 15 Principle 5: MAKE TIMELY AND BALANCED DISCLOSURE 19 Principle 6: RESPECT THE RIGHTS OF SHAREHOLDERS 20 Principle 7: RECOGNISE AND
Words: 8372 - Pages: 34
In the field of corporate governance, the roles of the board of directors in a corporation are the central part to operate a big corporate entity. The main roles for the directors are to implement control and management in the organization to run all the functions in a smooth manner (Ferris & Yan, 2007). The main responsibilities and duties of the directors in an organization are to define the policies and procedures of the organization, of that the middle and lower management can follow these regulations
Words: 301 - Pages: 2
company is runned by a board of directors who are appointed by the shareholders of the company. This is done during the general meeting through voting by each shareholder. The average members of board of directors are 9 in most of the companies. They are legally responsible for company’s record accounts and performance. They also can hire other people to manage the day-to-day activities of the company. They can however be disqualified from being accompany director if they don’t meet the legal responsibilities
Words: 288 - Pages: 2
1, I think the fiduciary duties of directors is that in making a business decision, the directors of a corporation acted on an informed basis, in good faith and in the honest belief that the action taken was in the best interest of the company. If the company is sold for a price greater than the downround valuation and the new preferred stock gets a 400 percent return plus its share of the remaining equity while the common stock gets little or nothing, the directors may be sued personally for
Words: 278 - Pages: 2
Powers and Duties of Officers and Employees The procedure followed in the decision making process, including channels of supervision and accountability, the norms set for discharge of functions and the rules and regulations held under the control of the organization and used by its employees are detailed below. Shri Raji Philip Chairman-cum-Managing Director The Chairman and Managing Director is the Chief Executive of the Corporation and is responsible to the Board of Directors. He is responsible
Words: 6010 - Pages: 25
Date issued: 4 July 2011 The Centro Case has shone the spotlight on the duties of directors after the court found in favour of the Australian Securities and Investments Commission (ASIC) and ruled that the directors breached their duty of care in the preparation of the company’s financial statements. As the reporting season begins, members who are directors, chief financial officers or who are involved in preparing financial statements, will need to carefully consider the key messages in this
Words: 337 - Pages: 2
account of negligence is duty of care, breach of duty, injury, and proximate cause. A person accused of malpractice can defend him or herself by showing that one of these elements is missing and/or by establishing an affirmative defense. “The existence of a duty of care exists because of the contractual relationship between the patient and the doctor, hospital, or other health care provider. When the physician-patient relationship is established, the physician has a duty to possess the medical
Words: 2019 - Pages: 9
