Corporate governance, accounting homework help

User Generated

fhtnechss

Business Finance

Description

900 to 1200 words


Corporate governance is the process that owners and other major players surrounding an organization are held accountable to for the company's requirements and resources. Corporate governance can also play a big role in the audit process. Research corporate governance and auditing and answer the following questions:

  • What are 2 of the principles that surround corporate governance? How do they tie into the recent legislation that was put into place to resolve ethical challenges and changes within the last decade?
  • The Generally Accepted Auditing Standards (GAAS) are based upon 10 audit guidelines that fall into 3 categories. Briefly describe the 3 main parts of the audit, and give examples of what activities would occur in each category.
  • Describe the role of the audit committee. Include the outside directors in your discussion. Compare and contrast the oversight responsibility and the primary responsibility of the audit committee.
  • Explain how the Sarbanes-Oxley Act impacted the auditing profession.
    • Describe the key role of the PCAOB.
    • Do you feel that it has met its objective?
    • What—if any—changes would you want to add to the scope of the PCAOB

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Explanation & Answer

Attached.

CORPORATE GOVERNANCE
Thesis statement: Corporate governance involves setting the principles and the procedure that
provides the organization with strategies on how it can direct the business to operate efficiently
and effectively to achieve the required goals that have been set.
1. Introduction
2. The two principles that surround the corporate governance and how they tie into the
recent legislation that was put into place to resolve ethical challenges and changes within
the last decade
3. The Generally Accepted Auditing Standards (GAAS) and brief description of the three
main parts.
4. The role of the audit committee and Comparing and contrasting the oversight
responsibility and the primary responsibility of the audit committee.
5. The Sarbanes-Oxley Act impacted the auditing profession
- the key role of the PCAOB
-if it has met its objectives
- What—if any—changes would you want to add to the scope of the PCAOB
6. Conclusion


Running head: CORPORATE GOVERNANCE

Corporate Governance
Institution Affiliation
Date

1

CORPORATE GOVERNANCE

2

Introduction
Corporate governance involves setting the principles and the procedure that provides the
organization with strategies on how it can direct the business to operate efficiently and
effectively to achieve the required goals that have been set. The shareholders of the organization
choose directors who are the board and their responsible for setting policies in the organizations,
making sure the strategies given are effectively implemented for the company to attain its goals
and finally, the board are resp...

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