Governance, Risk Management, and Control are interrelated terms. As an internal auditor whose primary task is to evaluate Governance, Risk Management, and Control, you must understand how these concepts interrelate with each other. Name one company (which can be a publicly listed, public company, registered issuer, non-stock, non-profit corporation, partnership, sole proprietor, and yes, even the sari-sari store of your neighbor), and illustrate the inter-relationship of Governance, Risk Management, and Control in your chosen company. Moreover, you may opt to design a simple one-line audit plan how will you evaluate the Governance, Risk Management, and Control of your chosen company.

Governance, Risk Management, and Control are interrelated terms. As an internal auditor whose primary task is to evaluate Governance, Risk Management, and Control, you must understand how these concepts interrelate with each other. Name one company (which can be a publicly listed, public company, registered issuer, non-stock, non-profit corporation, partnership, sole proprietor, and yes, even the sari-sari store of your neighbor), and illustrate the inter-relationship of Governance, Risk Management, and Control in your chosen company. Moreover, you may opt to design a simple one-line audit plan how will you evaluate the Governance, Risk Management, and Control of your chosen company.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Q: Discuss the role and function of external auditor for good corporate governance practices.

A: The dynamic and essential component of the business is corporate governance. Corporate governance…

Q: I hired a consultant to prepare a feasibility study of a project, which I am actively considering…

A: Feasibility study refers to conducting a hypothesis regarding the possibility of a project. It…

Q: After reading the description, Applying the risk management process, Should Coe's expand to Mexico ?…

A: Risk management is the most common way of distinguishing, surveying, focusing on, and relieving…

Q: Corporate Governance involves a set of relationships between a company's management, its board, its…

A: The corporate governance principle ensures the interest of the shareholders with the action of…

Q: Explain the concept of “stakeholder management” in a publicly held corporation. Why shouldn’t…

A: The process of recognizing, prioritizing, and addressing the demands and interests of all the…

Q: Non-profit organizati

A: Identifying, managing, and communicating financial-material sustainability information to investors…

Q: Live Nation operates music venues, provides management services to music artists, and promotes more…

A: Mergers and Acquisitions are a commonly adopted business strategy to diversify or grow the business…

Q: How will the conduct of an audit of a medium-sized company beaffected by the company’s being a small…

A: Materiality is explained as the magnitude of misstatements that have been made individually. On the…

Q: Describe three elements that can cause uncertainty within an enterprise's cash budget and provide…

A: Marketing in Competition: One of the most common elements that effects the cash budget for a firm is…

Q: Discuss the roles played by a company’s audit committee and internal audit function in a company’s…

A: The primary purpose of a company’s audit committee is to provide oversight of the financial…

Q: You have been hired by an inventor of a new power cell for cars, trucks and boats, who has some…

A: Incorporation of a company - Incorporation of a company is a process through which the company/firm…

Q: Begin by choosing a publicly traded corporation( COCA COLA) and conduct research to find articles or…

A: As per Bartleby's Authoring Guidelines, experts are not allowed to mention any external sources or…

Q: As the auditor for the financial statements for the year ended 2020 for South32 Limited, are there…

A: Non-review administrations given by inspectors to their customers fall into three classifications:…

Q: What are three components that an audit policy should include?

A: Audit Audit reports measure the effectiveness and completeness of the company's compliance…

Question

Governance, Risk Management, and Control are interrelated terms. As an internal
auditor whose primary task is to evaluate Governance, Risk Management, and
Control, you must understand how these concepts interrelate with each other.
Name one company (which can be a publicly listed, public company, registered
issuer, non-stock, non-profit corporation, partnership, sole proprietor, and yes,
even the sari-sari store of your neighbor), and illustrate the inter-relationship of
Governance, Risk Management, and Control in your chosen company.
Moreover, you may opt to design a simple one-line audit plan how will you
evaluate the Governance, Risk Management, and Control of your chosen
company.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

Select two (2) major risks which Bank of America is exposed to as it relates to their Corporate Governance approach, providing a synopsis of the impact of those risks. Comment on relevant strategies/ framework adopted by the institution to manage those risks
View Policies Show Attempt History Current Attempt in Progress Sheridan Company sold $2,400,000, 7%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interes annually on January 1. Sheridan Company uses the straight-line method to amortize bond premium or discount. (a) (b) ง Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds are sold at 99. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Jan. 1, 2022 Cash Discount on Bonds Payable Bonds Payable Dec. 31, 2022 Interest Expense eTextbook and Media Discount on Bonds Payable Interest Payable Debit 2,367,000 165,600 2,400 Cre
Frank, the owner of Furniture Frenzy, received notifications from a collection agency that bills have gone unpaid. Frank reviewed the financial history and didn’t see any errors in payment. After investigating further, Frank found out that the accounts payable department was behind on paperwork, which led to late payments. How would you advise Frank to move forward? What business strategies should Frank put in place to avoid this situation in the future?
Prepare an analysis of key factors that explain Revere’s success. Submit your analysis but be ready to defend your argument. Peers will comment on your post and you need to be able to state why you whose this analysis.
MicroTech Corporation is subject to a 35% income tax rate. Given the following information aboutthe firm’s capital structure, calculate the corporation’s weighted-average cost of capital (WACC),rounded to 1 decimal place:Source of Funds Market Value After-Tax Rate or Expected ReturnLong-term debt $40 million 7.0%Preferred stock 20 million 9.0 Common stock 60 million 12.0
(a) Managers have different motivations to acquire another company. When is a merger likely to be beneficial for the shareholders of both firms? (b) When is a merger likely to be not beneficial for shareholders of the acquiring company? (c) What roles do investment banks play when there is an acquisition? Who else are also involved? (d) How do the stock prices of target firms respond to a takeover offer on average?
Look into the situation where a company that is bankrupt reports fake revenue. What effect these actions have on an entity that is itself.
What is pivotal role of the board in corporate governance? (focus on the pivotal position of the board in handling the problem between shareholders and management)
A business group with a high level of unrelated diversification has its businesses as separately listed and legal entities. The parent company however is not a listed organization. Which type of multi-business structure is this? Cooperative form SBU form Competitive form None of these
Explain what peer group analysis means. As a financial manager, how would you use the results of peer group analysis to evaluate the performance of your corporations?
As you know, not all purchased intangible assets are necessarily “§ 197 in-tangibles.” For example, in a standalone transaction you purchase a patent with a six-year remaining life from the inventor for use in your Schedule C widget-making business – this is not a § 197 intangible. Or, as a further example, one of your key employees decides to quit; since she knows all of your trade secrets you pay her $250,000 cash in exchange for her signature on a three-year non-compete agreement. How, if at all, would you recover your capitalized investment in the patent and the noncompete agreement for FIT purposes? (a) Even though they are not § 197 intangibles you still must amortize the cost of each over 15 years. (b) You must amortize the cost of the patent over 15 years but you can amortize the cost of the noncompete agreement over its three-year term. (c) You must amortize the cost of the non-compete agreement over 15 years but you can amortize the cost of the patent over its…
What is the importance of an internal audit?