Lecture 1 – Chapter 1 all

Both corporate and business governance as

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Unformatted text preview: at least 5 members b) Have at least 2 members who have significant and relevant financial experience c) Not disclose any disagreements with the external auditor in the annual report d) Develop a policy on removing non- audit services from the external auditor Q 16. How many core pinciples did the Corporate Governance Council of the Australian Securities Exchange publish in Corporate Governance Pinciples and Recommendations a) 6 b) 8 c) 10 12 Q 17. Which of these is not correct? A principle of the corporate Governmance Principles and Recommendations: a) Should consist only of non- executive directors b) Is chaired by the chair of the board of directors c) Consist of a majority of independent directors d) All are principles in the report Q 18. Under Principle 4 ‘safeguard integrity in financial reporting’ of the Corporate Governance Principle and Recommendations: a) The audit committee charter b) Information on procedures for the selection and appointment of the external auditors and the rotation of audit partners c) Minutes of meetings where they were disagreements with the external auditors d) Only a. and b. Q 19. The auditor- general of Australia can be removed from office: a) If the auditor- general becomes bankrupt b) If the House if Representatives requests that the governor- general remove the auditor- general on the grounds of misbehavior or physical or mental incapacity c) If the governor- general who appointed the auditor- general requests his/her removal d) Both a and c Q 20. The auditor- general: a) Can obtain information under oath if necessary b) Has free access to any document (or property and the right to examine, copy or take extracts of any document c) Has freedom of access to relevant premises and documents and information powers that are not limited by any other law d) Both a and b Q 21. The spet public sector practice established to provide a full range of audit services to the parliament and the Australian Government agencies and statutory bodies is: a) ASIC b) JCPAA c) ANAO d) AUASB Q 22. AUASB: a) Do not apply to the auditor- generanl and the audit of Australian government reporting entities b) Have been adopted by the Australian National Audit office but are not...
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This document was uploaded on 09/17/2013.

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