Chapter 3 Regulatory Environment and Corporate Governance

Summary source: BPP and Kaplan Prepared by:Ratna1238 on 10 Mar 2010 For: OpenTuition.com Study Session Chapter 3

ISAs for the auditors

Corporate Governance for the management/directors of the companies

ISAs 1 Who, what, and how? IFAC IAASB 2 Why do we need ISAs? 3 How is ISAs developed?

Corporate Governance 1 What is Corporate Governance? 2 Whose reponsibility is good corporate governance? 3 What are the Principles of Corporate Governance? 4 How does Corporate Governance linked to external audit? 5 Corporate Governance in action: * Segregation of duties (unitary, 2 tier board) * Commitees (audit, remuneration, nomination, risk) * Internal audit ---- The details of this is covered in chapter 5 6 State the objective, function, advantages and disadvantages of Audit committee.