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Assurance and Audit Framework, Threats to Independence and Objectivity,…
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Professional Ethics
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Objectivity
Not allow bias, conflict of interest or undue influence of others
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Corporate Governance
A system that directs and controls a company. A sound CG is crucial because the owners of a company and the management team are not always the same.
It covers the conduct of the Board of Directors and the relationship between the Board, management and shareholders.
The rationale to have a sound CG:
- It ensures that stakeholders with relevant interest in the business are fully taken into account
- Ensures that every stakeholders is not disadvantages
- Ensures that directors manage in the best interest of the shareholders, employees and other parties.
The Board of Directors and the senior officers of the company are responsible for the company's corporate governance practices
Non-Executive Directors
Directors that are not involved in daily operations for the company and are not employees of the company.
Required to possess appropriate mix of skills, commitment, experience and independence to carry out their roles effectively.
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Disclosure
Voluntary
- Permitted and required by law
- Authorized by client or employer (audit engagement partner)
- Authorized by statute
- To protect member's and public interest
Obligatory
- Money Laundering
- Treason
- Drug-trafficking
- Terrorism
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Audit Committee
A sub-committee of the Board of Director, usually containing a number of non-executive directors.
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