b) English word c) French word d) Latin word 3. The definition “Corporate Governance is the system by which business directed and controlled” is given by a) SEBI committee b) OECD committee c) Cadbury committee d) All of the above 4. Internal control is implemented by the________. a) Board of directors b) Audit committee c) Management d) All of the above 5. OECD stands for_______________ 6. Which of the following have the power to hire fire and compensate the top management? a) Board
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before. In July 2006, they engaged with the external Auditor Aziz & Co (Chartered Accountant). The auditor needs to perform statutory audit for the period 2003 to 2006. The auditor expressed their intention to qualify the financial statements. However, Encik Zayed tried to negotiate with the auditor to not qualify the Financial Statements. The auditor was not agreeing with the Encik Zayed negotiation and he planned to terminate the auditor appointment. Encik Zayed also
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Approaches to Corporate Governance 11 3. The Board of Directors 19 4. Board committees 37 5. Corporate Governance and Corporate Social Responsibility 49 6. Corporate governance – control systems 57 7. Auditors and Internal Controls 61 8. Management Information Systems 65 9. The Risk Management Process 67 10. Controlling Risk 79 11. Ethics and Social Responsibility 89 12. Deontology and Teleology 95
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regardless of the cost since it has the potential of helping to detect fraud, assist in management decision making and help with recommendation for control efficiency. E. The value of the audit is higher when the auditor has a substantial understanding of the business the client is in. In order to assess risks, accuracies and help recommend controls, the auditor needs to understand the structure of the industry, specific regulations, technology used and the nature of the business’s customers
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THE EFFECT OF INTERNAL CONTROL ON ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF ECOBANK NIGERIA PLC) BY AMOO TEMITOPE GRACE ACT/2009/0036 ADEYIGA ADEBAYO ECN/2009/0005 BEING A RESEARCH PROJECT CARRIED OUT AND SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCES OSUN STATE UNIVERSITY, OSOGBO NIGERIA IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCES (B.Sc) DEGREE IN ACCOUNTING JULY 2013 1 CERTIFICATION It is certified that this research
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to have internal audit departments. The purpose and importance of an internal audit team are very obvious. The internal audit team is responsible for determining the scope of the work and having the personnel and budget to complete it. This internal entity is very important ever since such accounting scandals as Enron and WorldCom. They are required to provide management and the audit committee with ongoing assessments of the company's risk management processes and system of internal control. In terms
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| | | |Describe and define the management assertions embodied in financial |9, 10, 11 |52, 54 | |statements, and why auditors use them as a focal point of the audit. | | | | | | | |Explain
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Institute of Internal Auditors a Code of Ethics is a comprehensive statement of the values and principles, which should guide the daily work of auditors. The Code of Ethics states the principles and expectations governing the behavior of individuals and organizations in the conduct of internal auditing. It describes the minimum requirements for conduct, and behavioral expectations rather than specific activities. Fundamental Principles The Code of Ethics mandates that internal auditors behave and
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managing the management of the business. Besides, members should state their duties and powers clearly in written form. External audits normally furnish non-audit services across the year and rely on the inner control. They furnish reasonable assurance concerning the effectiveness of internal controls above financial describing across a collection of evidence. They express their judgments if the financial statements are fairly gave by the association and additionally untitled make sure the accounting records
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