MindMap Gallery ACCA Audit (AA)
F8 Notes--02.Corporate governance, including corporate governance, audit committee, internal control impact and governance communication.
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This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
02.Corporate governance
Codes of corporate governance
corporate governance
the system by which companies are directed and controlled
facilitate management that can deliver long-term success
responsibilities of BOD
internal controls and external auditors
corporate governance practice
chair≠CEO
non-executive directors>50%
audit committee
independent NEDs
review internal control
remuneration committee
NEDs
Can't set own salary
long-term short-term
nomination committee
induction programs
re-election≤3 years
Audit committees
responsibilities
external
monitor financial statement
implement policy on supply of non-audit services by external auditor
review and monitor independence and objectivity of external auditor
approve remuneration and engagement terms of external auditor
appointment,reappointment and removal of external auditor
internal
review internal control and risk management systems
effectiveness of internal audit
internal audit function
whistle blowers
advantages
increase confidence
save more time of management
impartial body
provide access
independent
disadvantages
difficult to select
formalized reporting
increase costs
Internal control effectiveness
directors' responsibilities for internal control
auditors' responsibilities for internal control
Communication with those charged with governance
definition of TCWG
communicate with TCWG
develop a constructive working relationship
obtain information
responsibility
matters to communicate
responsibilities in audit engagement
plan scope and time
significant findings
conflict of interest