CORPORATE GOVERNANCE

Jun 21st, 2015
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Tufts University
Course: general
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Corporate governance has a great role in transparency and honesty in financial reporting. Corporate governance then implies relationships among an organization’s management.

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MZUMBE UNIVERSITYDAR ES SALAAM BUSINESS SCHOOL FACULTY OF COMMERCEPROGRAMME: MSc. ACCOUNTING AND FINANCE SUBJECT: ACC 5221: AUDITING AND ASSURANCE SERVICES LECTURER: E.S. Malubi & S.R.MngoyaTITLE: TERM PAPERNAME: NGODA, G Qn. Discuss why, in 2002, the corporate governance structures failed in both Enron and WorldCom and what would have been done by the auditors in order to prevent the failures.DATE: 3RD JANUARY 2011QuestionBoth Enron and WorldCom had corporate governance structure in place including presence of Board of Directors and audit committees composed of appropriately qualified persons. For example, Enron had and an independent Board of Directors of seventeen members, only two of whom were insiders and the rest were Chief Executive Officers of other companies, government officials and academicians. The Enron's audit committee was composed entirely of independent directors and was headed by former professor of accounting at Stanford Business School. Both Enron and WorldCom were being audited by Arthur Andersen, one of the big five and most respected audit firms in the world.Required:Discuss why, in 2002, the corporate governance structures failed in both Enron and WorldCom and what would have been done by the auditors in order to prevent the failures.TABLE OF CONTENTS1.0 Introduction???????????????????????..??.32.0 Corporate governance???????????????????..?...4

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