Corporate finance - Audit

Anonymous
timer Asked: Jan 17th, 2021

Question Description

I'm working on a finance multi-part question and need an explanation to help me study.

Hi,

Please review and help me understand each question by providing explanations to each one.

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Corporate finance Assignment Corporate governance is defined as: “a process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (stockholders) elect a board of directors to provide oversight of the organization’s activities.” Public accounting serves an important role in corporate governance. Required 1. Describe the role that external auditing fills in promoting good corporate governance. 2. In what ways might the public accounting profession have failed its important role prior to the issuance of the SarbanesOxley Act of 2002? 3. A former chairman of the SEC described auditors as public watch-dogs. What does the term public watchdog convey regarding the responsibility of the external auditor to the public? 4. One component of good corporate governance is a code of ethics that has been developed for a company. For example, Enron had one of the most complete codes of ethics in corporate America. a. How would an auditor go about determining whether a corporate code of ethics is actually being adhered to? b. What evidence would the auditor gather to support an assessment of the corporate code of ethics? ...
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