Corporate Governance

AAA – L3 – SA – Q3.1 – Audit Committee Role

Non-role of the audit committee.

Question

Which of the following is NOT a role of the audit committee?

A To monitor the effectiveness of the internal audit function

B To appoint the external auditors

C To monitor the effectiveness of the external audit process

D To review the auditor’s report on the financial statements

Answer

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Tags: Audit committee, Auditor Appointment, Corporate Governance, ICAG
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q2.3 – Audit Committee Functions

Function of audit committee per 2020 Code.

Question

According to the Code of Corporate Governance for Listed Companies 2020, which ONE of the following is a function of the audit committee:

A To make recommendations to the Board with respect to the effectiveness of internal controls

B To review the risks facing the company

C To make recommendations on induction and training to the Board

D To recommend a remuneration policy for directors to the Board.

Answer

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Tags: Audit committee, Corporate Governance, ICAG, Internal controls
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q2.1 – Agency Theory

Directors as agents in agency theory.

Question

In the context of agency theory, the directors of a company are the agents of:

A The auditors

B The audit committee

C The institutional shareholders

D All shareholders

Answer

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Tags: Agency Theory, Corporate Governance, Directors, ICAG, Shareholders
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

Question

Which of the following are potential advantages of having an audit committee?

1 Conflict between the auditor and the executive directors is reduced

2 Responsibility for internal control is given to independent non-executive directors and so becomes more effective

3 Costs of internal control and the external audit are reduced

4 It provides additional reassurance to shareholders about the reliability of the financial statements

A 1 and 4 only

B 2 and 3 only

C 1 and 3 only

D 2 and 4 only

Answer

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Tags: Audit committee, Auditor Independence, Corporate Governance, ICAG

Topic: The regulatory environment

AA – L2 – SA – Q5.1 – Director Responsibilities

Identifying non-director responsibility.

Question

Which one of the following is not a director’s responsibility?

A To inform the auditor of the date of the audit

B To keep proper accounting records

C To prevent fraud and error

D To supply information and explanations to the auditor

Answer

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Tags: Companies Act, Corporate Governance, Director Responsibilities, ICAG
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

BCL – L1 – SA – Q12 – Governance and Ethical Issues

States purpose of corporate governance.

Question

What is the main purpose of corporate governance?

A Maximizing shareholder profits

B Ensuring ethical business conduct and accountability

C Avoiding government regulations

D Minimizing employee rights

Answer

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Tags: Accountability, Corporate Governance, Ethical Conduct
Level: Level 1

Topic: Governance and ethical issues relating to business

AA – L2 – SA – Q2.1 – Board Accountability

To whom is the board of directors accountable?

Question

As agents of a company, the board of directors of a company are accountable to

A All the shareholders

B The majority shareholder(s)

C The shareholders and each other

D Each other

Answer

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Tags: Accountability, Board of Directors, Corporate Governance, ICAG, Shareholders
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements

BCL – L1 – Q111 – Governance and ethical issues relating to business

Explain four key functions of an audit committee in corporate governance.

Question

Explain FOUR (4) functions of an audit committee of the Board.

Answer

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Tags: Audit committee, Auditor Independence, Board Oversight, Compliance, Corporate Governance, Ethical Standards, Financial Reporting, Internal Control, Risk Management, Transparency
Level: Level 1

Topic: Governance and ethical issues relating to business

BCL – L1 – Q108 – Governance and ethical issues relating to business

How company law ensures corporate transparency and disclosure to protect stakeholders.

Question

How does company law address issues of corporate transparency and disclosure to protect the interests of stakeholders?

Answer

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Tags: Company Law, Corporate Governance, Corporate transparency, Disclosure, Stakeholder protection
Level: Level 1

Topic: Governance and ethical issues relating to business

BCL – L1 – Q105 – Employment law

Advise management on resolving a dispute over reintroducing trade unions at Kolan Company Limited after a three-year cessation.

Question

Kolan Company Limited has been operating in Nigeria in the oil and gas sector for over ten (10) years. It had been operating in a unionized environment since its inception. However, as a result of operational challenges, the company shut down its operations briefly but has resumed operations.

Upon resumption of operations, management has reckoned that there must be a cessation of union activities in the company. Employees agreed to management’s decision to operate without a Union.

This has gone on for three (3) years. However, junior employees have begun to agitate for the re-introduction of the union in the organization. Top management is however not in agreement.

Required

Advise your management on how to resolve this impasse.

Answer

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Tags: Corporate Governance, Employment Law, Labour Act, Trade unions, Unfair labour practice, Workers' rights
Level: Level 1

Topic: Employment Law

Tag (SQ): Corporate Governance

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AAA – L3 – SA – Q3.1 – Audit Committee Role

Non-role of the audit committee.

AAA – L3 – SA – Q2.3 – Audit Committee Functions

Function of audit committee per 2020 Code.

AAA – L3 – SA – Q2.1 – Agency Theory

Directors as agents in agency theory.

AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

AA – L2 – SA – Q5.1 – Director Responsibilities

Identifying non-director responsibility.

BCL – L1 – SA – Q12 – Governance and Ethical Issues

States purpose of corporate governance.

AA – L2 – SA – Q2.1 – Board Accountability

To whom is the board of directors accountable?

BCL – L1 – Q111 – Governance and ethical issues relating to business

Explain four key functions of an audit committee in corporate governance.

BCL – L1 – Q108 – Governance and ethical issues relating to business

How company law ensures corporate transparency and disclosure to protect stakeholders.

BCL – L1 – Q105 – Employment law

Advise management on resolving a dispute over reintroducing trade unions at Kolan Company Limited after a three-year cessation.

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Non-role of the audit committee.

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Function of audit committee per 2020 Code.

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Directors as agents in agency theory.

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Advantages of having an audit committee.

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Identifying non-director responsibility.

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States purpose of corporate governance.

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To whom is the board of directors accountable?

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Explain four key functions of an audit committee in corporate governance.

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How company law ensures corporate transparency and disclosure to protect stakeholders.

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Advise management on resolving a dispute over reintroducing trade unions at Kolan Company Limited after a three-year cessation.

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