Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 46RSCQ
To determine

Introduction:Corporate governance refers to keeping an oversight over the organizations operations and financial reporting. Corporate governance ensures that operations are in accordance with organizations objectives and meet the stakeholders’ needs.

To explain:The manner in which NYSE listing requirements for corporate governance are intended to address the risk of fraud.

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Following is a summary of the NYSE corporate governance requirements of companies listed on this stock exchange. For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. Boards need to consist of a majority of independent directors. Boards need to hold regular executive sessions of independent directors without management present. Boards must have a nominating/corporate governance committee composed entirely of independent directors. The nominating/corporate governance committee must have a written charter that addresses the committee’s purpose and responsibilities, and there must be an annual performance evaluation of the committee.
Following is a summary of the NYSE corporate governancerequirements of companies listed on this stock exchange.For each requirement, state how it is intended to help to addressthe risk of fraud in publicly traded organizations.a. Boards need to consist of a majority of independent directors.b. Boards need to hold regular executive sessions of independentdirectors without management present.c. Boards must have a nominating/corporate governance committeecomposed entirely of independent directors.d. The nominating/corporate governance committee must have awritten charter that addresses the committee’s purpose andresponsibilities, and there must be an annual performanceevaluation of the committee.e. Boards must have a compensation committee composedentirely of independent directors.f. The compensation committee must have a written charterthat addresses the committee’s purpose and responsibilities,which must include (at a minimum) the responsibility toreview and approve corporate goals…
NYSE corporate governance requirements of companies listed on this stock exchange,, state how it is intended to help to address the risk of fraud in publicly traded organizations. 1. Boards must have an audit committee with a minimum of three independent members. 2.The audit committee must have a written charter that addresses the committee’s purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.
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