The document contains review questions and answers about corporate governance, business ethics, risk management, and internal control. It addresses topics such as the definition of governance, the purpose and objectives of corporate governance, the roles and responsibilities of boards of directors, shareholders, and management. It also discusses principles of good governance and transparency.
Lecture 5 the information system - a general model of aisHabib Ullah Qamar
The document discusses accounting information systems (AIS). It describes the key components of an AIS model, including end users, data collection, data processing, data sources, and feedback. It explains that an AIS must collect relevant and efficient data from internal and external financial transactions. The data is then processed, stored in a database, and generated into useful information reports. Finally, feedback from these information reports is sent back into the AIS as a new data source.
Corporations raise capital by issuing stock. Equity financing through stock issuance is less risky than debt financing through bonds. When profits are not paid out as dividends, the cash can be reinvested in expanding operations. A corporation is a legal entity separate from its shareholders, with unlimited life, transferable shares, and limited liability for shareholders. Key components include incorporators, shareholders, directors, and officers.
An unpaid seller is one who has not received full payment for goods from the buyer. An unpaid seller has several remedies available, including:
1. Retaining possession of the goods (lien) until payment is made if the goods are still in the seller's possession.
2. Stopping goods in transit if the buyer becomes insolvent before delivery.
3. Reselling the goods to recover the unpaid price if the buyer defaults, as long as the seller provides proper notice.
4. Rescinding the sale if given the right of lien or stoppage in transit, if the buyer delays unreasonable payment, or if expressed in the contract.
The document outlines the rights and remedies
This document discusses problems encountered by hardware establishments in Legazpi City, Philippines regarding import products from suppliers. It outlines that products are sometimes damaged upon delivery or not suitable for customers' needs. There can also be issues with products not being properly declared during import. The document establishes the problems to be examined as related to products, personnel, suppliers and customers. It defines the scope of studying hardware establishments in Legazpi City and limits respondents to 30 owners. The significance discussed is providing guidance to hardware owners, employees, suppliers and customers on addressing issues with imported products.
1. Big Net pays P3 million to acquire all of Smallport's assets and liabilities. The consideration includes P1 million cash and 20,000 shares worth P2 million. Since the consideration exceeds the fair value of net assets acquired, Big Net recognizes goodwill of P1 million.
2. Big Net pays P2 million consideration through issuing 20,000 shares worth that amount to acquire Smallport. Since the consideration equals the fair value of net assets acquired, no goodwill or bargain gain is recognized.
3. Business combinations involve an acquirer obtaining control of one or more businesses. The acquisition method is used, where the acquirer identifies and measures identifiable assets,
These notes are not made by me. this is made by a different group in my class. these notes were provided for everyone in the class as part of our group project.
I am merely sharing these notes to supplement other students in learning the subject.
The document provides objectives and content for Chapter 4 of the textbook "Accounting Information Systems, 6th edition". It covers the revenue cycle, including key processes like sales orders, billing, cash receipts, and collections. It describes the flow of transactions, necessary documents and journals, risks and controls at each step. It also discusses how technology can automate or reengineer the revenue cycle through systems like real-time processing, EDI, point-of-sale, and the implications for internal controls.
The document discusses the rules around valid payments to creditors or third parties. It states that payment is valid if made to the creditor, their successor, or authorized person. Payment to an incapacitated person is valid if they kept or benefited from the payment. Payment to a third party is also valid if it benefited the creditor, such as if the third party later acquires the debt or the creditor ratifies the payment.
Lecture 5 the information system - a general model of aisHabib Ullah Qamar
The document discusses accounting information systems (AIS). It describes the key components of an AIS model, including end users, data collection, data processing, data sources, and feedback. It explains that an AIS must collect relevant and efficient data from internal and external financial transactions. The data is then processed, stored in a database, and generated into useful information reports. Finally, feedback from these information reports is sent back into the AIS as a new data source.
Corporations raise capital by issuing stock. Equity financing through stock issuance is less risky than debt financing through bonds. When profits are not paid out as dividends, the cash can be reinvested in expanding operations. A corporation is a legal entity separate from its shareholders, with unlimited life, transferable shares, and limited liability for shareholders. Key components include incorporators, shareholders, directors, and officers.
An unpaid seller is one who has not received full payment for goods from the buyer. An unpaid seller has several remedies available, including:
1. Retaining possession of the goods (lien) until payment is made if the goods are still in the seller's possession.
2. Stopping goods in transit if the buyer becomes insolvent before delivery.
3. Reselling the goods to recover the unpaid price if the buyer defaults, as long as the seller provides proper notice.
4. Rescinding the sale if given the right of lien or stoppage in transit, if the buyer delays unreasonable payment, or if expressed in the contract.
The document outlines the rights and remedies
This document discusses problems encountered by hardware establishments in Legazpi City, Philippines regarding import products from suppliers. It outlines that products are sometimes damaged upon delivery or not suitable for customers' needs. There can also be issues with products not being properly declared during import. The document establishes the problems to be examined as related to products, personnel, suppliers and customers. It defines the scope of studying hardware establishments in Legazpi City and limits respondents to 30 owners. The significance discussed is providing guidance to hardware owners, employees, suppliers and customers on addressing issues with imported products.
1. Big Net pays P3 million to acquire all of Smallport's assets and liabilities. The consideration includes P1 million cash and 20,000 shares worth P2 million. Since the consideration exceeds the fair value of net assets acquired, Big Net recognizes goodwill of P1 million.
2. Big Net pays P2 million consideration through issuing 20,000 shares worth that amount to acquire Smallport. Since the consideration equals the fair value of net assets acquired, no goodwill or bargain gain is recognized.
3. Business combinations involve an acquirer obtaining control of one or more businesses. The acquisition method is used, where the acquirer identifies and measures identifiable assets,
These notes are not made by me. this is made by a different group in my class. these notes were provided for everyone in the class as part of our group project.
I am merely sharing these notes to supplement other students in learning the subject.
The document provides objectives and content for Chapter 4 of the textbook "Accounting Information Systems, 6th edition". It covers the revenue cycle, including key processes like sales orders, billing, cash receipts, and collections. It describes the flow of transactions, necessary documents and journals, risks and controls at each step. It also discusses how technology can automate or reengineer the revenue cycle through systems like real-time processing, EDI, point-of-sale, and the implications for internal controls.
The document discusses the rules around valid payments to creditors or third parties. It states that payment is valid if made to the creditor, their successor, or authorized person. Payment to an incapacitated person is valid if they kept or benefited from the payment. Payment to a third party is also valid if it benefited the creditor, such as if the third party later acquires the debt or the creditor ratifies the payment.
The Philippine bond market is dominated by government bonds, mainly treasury notes and bonds, though the corporate bond market has been growing rapidly in recent years. The document discusses the expansion of the Philippine local currency bond market from 2013 to the first quarter of 2018, with the government bond market growing at 12.77% annually and the faster growing corporate bond market expanding by 19.8% annually, driven by bond issuances from large banks and companies. It also outlines some challenges for transparency, regulation, and secondary market liquidity in the Philippine corporate bond market.
This document discusses key concepts regarding corporations under Philippine law. It defines a corporation as an artificial being created by law that has rights of succession and powers authorized by its charter. It also distinguishes between types of corporations like stock and non-stock, as well as domestic and foreign corporations. The roles of incorporators, corporators, stockholders and members are outlined. Finally, it notes some components of a corporation like its capacity and the activities of promoters.
Legal Issues and Regulatory Requirements for Business AcquisitionsLawPlus Ltd.
Types of Business Acquisitions
Legal Issues for Acquisitions of Shares
Legal Issues for Acquisitions of Newly Issued Shares
Legal Issues for Acquisitions of Assets
Latest Development of M&A Regulations
Legal Factors to Consider on Acquiring Businesses in Other AEC Countries
This document summarizes key concepts in corporate law. It discusses how corporations are classified as stock or non-stock. It also covers the separate legal personality of corporations, corporate tort liability, piercing the corporate veil, determining corporate nationality, and the retroactive effect of amending corporate documents. Additionally, it addresses topics such as share classifications, redeemable shares, treasury shares, and the rules regarding non-voting shares.
This document discusses the nature and functions of credit. It defines credit as "the power or ability to obtain goods or services in exchange for a promise to pay for them later" and distinguishes it from debt and credit volume. It then discusses the major users of credit, including consumers, businesses, and governments. The different types of credit are outlined for consumers, businesses, and governments. Finally, the basis of granting credit is discussed, including character, capacity, capital, collateral, interviews with applicants, financial statements, credit rating agencies, and the lender's own records.
This document summarizes various sources of credit in the Philippines, including individual money lenders, retail stores like sari-sari stores, pawnshops, commercial banks, commercial paper houses, savings banks, rural banks, development banks, investment banks, savings and loan associations, finance companies, credit unions, and insurance companies. It provides details on the origins and operations of each type of credit source.
This document discusses conditions and warranties in contracts of sale. It defines key terms like condition, warranty, apparent and non-apparent defects. It outlines remedies for the buyer in cases of eviction, partial eviction, breach of warranty, and non-apparent encumbrances. Proper procedure is outlined for summoning the seller in an eviction suit to enforce the warranty against eviction. Exceptions and limitations to warranties are also noted.
This document summarizes key concepts related to sales contracts under Philippine law. It defines a contract of sale as an agreement where one party transfers ownership of a determinate thing in exchange for a certain price. It outlines elements of a valid sales contract, different types of sales contracts, rules regarding risk of loss, warranties, and remedies. It also distinguishes between sales contracts and other similar agreements like agency, contracts for work, and option contracts.
This document discusses various provisions related to contracts and obligations under Philippine law. It begins by explaining the standard of care required to fulfill obligations (diligence of a good father of a family) and discusses examples of liability. It then addresses the rights of creditors prior to delivery of goods, distinguishing personal and real rights. Different types of delivery are outlined, including actual, constructive, and delivery of accessions/accessories. Remedies for failed obligations are discussed, noting that specific performance is not available and the obligation must be fulfilled at the debtor's expense. The document concludes by covering default, including when it arises and its effects on risk and liability.
This document outlines the legal rules for foreign corporations doing business in the Philippines according to Title XV of the Corporation Code. It defines a foreign corporation and establishes the requirements for obtaining a license to transact business, including submitting documents to the SEC. The document also describes the rights and obligations of licensed foreign corporations, the process for mergers or withdrawals, and penalties for non-compliance.
Direct Misrepresentation
a. Deceptive Packaging
b. Adulteration
c. Misbranding/ Mislabeling
d.Short Weighing
e.Shortchanging
f.Short Measuring
g. Short Numbering
h. Misleading advertising
This document discusses the characteristics and legal requirements of pledges and chattel mortgages under Philippine law. It defines pledge as an accessory contract where ownership is retained by the debtor and possession is held by the creditor or third party. Chattel mortgages similarly use movable property as security for a debt but involve registration. The document outlines the rights and obligations of parties to pledges and chattel mortgages and how they can be extinguished or foreclosed upon in the event of nonpayment.
Corporate meetings, whether of directors, shareholders, or members, can be regular or special. Meetings allow for a majority to make binding decisions for the corporation, provided proper notice was given and the meeting was properly called and conducted. Key elements of meetings include quorum requirements, voting procedures such as by proxy, and rules for joint ownership of shares. Stock certificates must be issued following certain requirements and signed by corporate officers, and transfers recorded by the corporation in order to be valid against the company. Consideration for shares cannot be less than par or issued value, and can include assets, labor, or previous debt as well as cash.
The document discusses key definitions and concepts from the Code of Ethics for Professional Accountants in the Philippines. It provides multiple choice questions to test understanding of terms like independence, financial interest, firm, advertising, and definitions of professional accountants in public practice and those in existing practice. The questions cover topics like modifications made to the International Federation of Accountants (IFAC) Code, definitions of assurance engagements and the assurance team, and exceptions to various definitions.
The document discusses the Bangko Sentral ng Pilipinas' (BSP) conduct of monetary policy. It outlines the BSP's objectives of maintaining price stability and inflation targeting framework. The BSP uses various monetary policy tools like open market operations, reserve requirements, and rediscounting to influence money supply and inflation. Recent inflation trends have remained within target. Large capital inflows from advanced economies pose challenges to managing inflation risks.
Chapter 1 - The Information System: An Accountant's Perspectiveermin08
This chapter discusses accounting information systems from an accountant's perspective. It defines key terms like transactions, accounting information systems, and management information systems. It describes the general model for information systems, including data sources, transforming data into information through collection, processing, management and generation. It also outlines the organizational structure of businesses and accounting's unique roles, including participating in systems design and performing external financial audits, internal audits, and fraud audits.
Audit report- Consideration of Internal Controlnellynljcoles
This document discusses internal control and its assessment. It defines internal control as a process designed to help achieve an entity's objectives. The five components of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. The auditor assesses control risk by obtaining an understanding of internal controls, testing their design and implementation, and judging their effectiveness in preventing misstatements. Control risk is then used to determine the nature, timing and extent of substantive audit procedures. Weaknesses identified during this process are communicated to management.
This document discusses different types of obligations under Philippine contract law. It defines pure and conditional obligations, and explains that pure obligations are demandable at once while conditional obligations depend on an uncertain future event. The document outlines various classifications of conditions such as suspensive vs. resolutory, potestative vs. casual, and impossible vs. illegal conditions. It also addresses the effects of fulfilling or not fulfilling conditions, as well as the rights and responsibilities of parties in cases of loss, deterioration or improvement of the subject matter when obligations are pending conditions.
This chapter discusses financial reporting and management reporting systems. It describes the general ledger system which collects transaction data, classifies accounts, validates transactions, processes data by posting to accounts and generating reports. The chapter outlines the relationship between the general ledger system and other subsystems, the components of the general ledger database, and the financial reporting process. It also discusses management reporting systems, risks associated with the general and financial reporting systems, and controls to address those risks. Finally, it provides an overview of XBRL, a language used to standardize financial reporting.
The Securities Regulation Code establishes rules for regulating securities transactions in the Philippines. It was enacted in 2000 and divides regulations into 13 chapters covering topics like insider trading, market manipulation, and disclosure requirements. The code aims to protect investors, encourage stock ownership, and promote fair securities markets. Key provisions address registration of securities offerings, prohibitions on fraudulent or manipulative practices, and restrictions on trading by corporate insiders using non-public information. Violations can lead to civil and criminal penalties including large fines and imprisonment.
This document contains a quiz on governance, business ethics, risk management, and internal control. It includes multiple choice and explanation questions that assess understanding of key concepts such as the definition of governance, characteristics of good governance, corporate governance principles and objectives. The questions cover topics like national, local, corporate and international governance as well as transparency, accountability, and the basic principles of effective corporate governance.
This document discusses and defines the concept of corporate governance. It provides definitions from various sources and discusses the importance and significance of corporate governance. Some key points:
1. Corporate governance involves balancing the interests of a company's many stakeholders through systems of rules, practices and processes.
2. It became a pressing issue following accounting scandals to restore confidence in markets.
3. Good corporate governance practices include discipline, transparency, accountability, responsibility and fairness.
The Philippine bond market is dominated by government bonds, mainly treasury notes and bonds, though the corporate bond market has been growing rapidly in recent years. The document discusses the expansion of the Philippine local currency bond market from 2013 to the first quarter of 2018, with the government bond market growing at 12.77% annually and the faster growing corporate bond market expanding by 19.8% annually, driven by bond issuances from large banks and companies. It also outlines some challenges for transparency, regulation, and secondary market liquidity in the Philippine corporate bond market.
This document discusses key concepts regarding corporations under Philippine law. It defines a corporation as an artificial being created by law that has rights of succession and powers authorized by its charter. It also distinguishes between types of corporations like stock and non-stock, as well as domestic and foreign corporations. The roles of incorporators, corporators, stockholders and members are outlined. Finally, it notes some components of a corporation like its capacity and the activities of promoters.
Legal Issues and Regulatory Requirements for Business AcquisitionsLawPlus Ltd.
Types of Business Acquisitions
Legal Issues for Acquisitions of Shares
Legal Issues for Acquisitions of Newly Issued Shares
Legal Issues for Acquisitions of Assets
Latest Development of M&A Regulations
Legal Factors to Consider on Acquiring Businesses in Other AEC Countries
This document summarizes key concepts in corporate law. It discusses how corporations are classified as stock or non-stock. It also covers the separate legal personality of corporations, corporate tort liability, piercing the corporate veil, determining corporate nationality, and the retroactive effect of amending corporate documents. Additionally, it addresses topics such as share classifications, redeemable shares, treasury shares, and the rules regarding non-voting shares.
This document discusses the nature and functions of credit. It defines credit as "the power or ability to obtain goods or services in exchange for a promise to pay for them later" and distinguishes it from debt and credit volume. It then discusses the major users of credit, including consumers, businesses, and governments. The different types of credit are outlined for consumers, businesses, and governments. Finally, the basis of granting credit is discussed, including character, capacity, capital, collateral, interviews with applicants, financial statements, credit rating agencies, and the lender's own records.
This document summarizes various sources of credit in the Philippines, including individual money lenders, retail stores like sari-sari stores, pawnshops, commercial banks, commercial paper houses, savings banks, rural banks, development banks, investment banks, savings and loan associations, finance companies, credit unions, and insurance companies. It provides details on the origins and operations of each type of credit source.
This document discusses conditions and warranties in contracts of sale. It defines key terms like condition, warranty, apparent and non-apparent defects. It outlines remedies for the buyer in cases of eviction, partial eviction, breach of warranty, and non-apparent encumbrances. Proper procedure is outlined for summoning the seller in an eviction suit to enforce the warranty against eviction. Exceptions and limitations to warranties are also noted.
This document summarizes key concepts related to sales contracts under Philippine law. It defines a contract of sale as an agreement where one party transfers ownership of a determinate thing in exchange for a certain price. It outlines elements of a valid sales contract, different types of sales contracts, rules regarding risk of loss, warranties, and remedies. It also distinguishes between sales contracts and other similar agreements like agency, contracts for work, and option contracts.
This document discusses various provisions related to contracts and obligations under Philippine law. It begins by explaining the standard of care required to fulfill obligations (diligence of a good father of a family) and discusses examples of liability. It then addresses the rights of creditors prior to delivery of goods, distinguishing personal and real rights. Different types of delivery are outlined, including actual, constructive, and delivery of accessions/accessories. Remedies for failed obligations are discussed, noting that specific performance is not available and the obligation must be fulfilled at the debtor's expense. The document concludes by covering default, including when it arises and its effects on risk and liability.
This document outlines the legal rules for foreign corporations doing business in the Philippines according to Title XV of the Corporation Code. It defines a foreign corporation and establishes the requirements for obtaining a license to transact business, including submitting documents to the SEC. The document also describes the rights and obligations of licensed foreign corporations, the process for mergers or withdrawals, and penalties for non-compliance.
Direct Misrepresentation
a. Deceptive Packaging
b. Adulteration
c. Misbranding/ Mislabeling
d.Short Weighing
e.Shortchanging
f.Short Measuring
g. Short Numbering
h. Misleading advertising
This document discusses the characteristics and legal requirements of pledges and chattel mortgages under Philippine law. It defines pledge as an accessory contract where ownership is retained by the debtor and possession is held by the creditor or third party. Chattel mortgages similarly use movable property as security for a debt but involve registration. The document outlines the rights and obligations of parties to pledges and chattel mortgages and how they can be extinguished or foreclosed upon in the event of nonpayment.
Corporate meetings, whether of directors, shareholders, or members, can be regular or special. Meetings allow for a majority to make binding decisions for the corporation, provided proper notice was given and the meeting was properly called and conducted. Key elements of meetings include quorum requirements, voting procedures such as by proxy, and rules for joint ownership of shares. Stock certificates must be issued following certain requirements and signed by corporate officers, and transfers recorded by the corporation in order to be valid against the company. Consideration for shares cannot be less than par or issued value, and can include assets, labor, or previous debt as well as cash.
The document discusses key definitions and concepts from the Code of Ethics for Professional Accountants in the Philippines. It provides multiple choice questions to test understanding of terms like independence, financial interest, firm, advertising, and definitions of professional accountants in public practice and those in existing practice. The questions cover topics like modifications made to the International Federation of Accountants (IFAC) Code, definitions of assurance engagements and the assurance team, and exceptions to various definitions.
The document discusses the Bangko Sentral ng Pilipinas' (BSP) conduct of monetary policy. It outlines the BSP's objectives of maintaining price stability and inflation targeting framework. The BSP uses various monetary policy tools like open market operations, reserve requirements, and rediscounting to influence money supply and inflation. Recent inflation trends have remained within target. Large capital inflows from advanced economies pose challenges to managing inflation risks.
Chapter 1 - The Information System: An Accountant's Perspectiveermin08
This chapter discusses accounting information systems from an accountant's perspective. It defines key terms like transactions, accounting information systems, and management information systems. It describes the general model for information systems, including data sources, transforming data into information through collection, processing, management and generation. It also outlines the organizational structure of businesses and accounting's unique roles, including participating in systems design and performing external financial audits, internal audits, and fraud audits.
Audit report- Consideration of Internal Controlnellynljcoles
This document discusses internal control and its assessment. It defines internal control as a process designed to help achieve an entity's objectives. The five components of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. The auditor assesses control risk by obtaining an understanding of internal controls, testing their design and implementation, and judging their effectiveness in preventing misstatements. Control risk is then used to determine the nature, timing and extent of substantive audit procedures. Weaknesses identified during this process are communicated to management.
This document discusses different types of obligations under Philippine contract law. It defines pure and conditional obligations, and explains that pure obligations are demandable at once while conditional obligations depend on an uncertain future event. The document outlines various classifications of conditions such as suspensive vs. resolutory, potestative vs. casual, and impossible vs. illegal conditions. It also addresses the effects of fulfilling or not fulfilling conditions, as well as the rights and responsibilities of parties in cases of loss, deterioration or improvement of the subject matter when obligations are pending conditions.
This chapter discusses financial reporting and management reporting systems. It describes the general ledger system which collects transaction data, classifies accounts, validates transactions, processes data by posting to accounts and generating reports. The chapter outlines the relationship between the general ledger system and other subsystems, the components of the general ledger database, and the financial reporting process. It also discusses management reporting systems, risks associated with the general and financial reporting systems, and controls to address those risks. Finally, it provides an overview of XBRL, a language used to standardize financial reporting.
The Securities Regulation Code establishes rules for regulating securities transactions in the Philippines. It was enacted in 2000 and divides regulations into 13 chapters covering topics like insider trading, market manipulation, and disclosure requirements. The code aims to protect investors, encourage stock ownership, and promote fair securities markets. Key provisions address registration of securities offerings, prohibitions on fraudulent or manipulative practices, and restrictions on trading by corporate insiders using non-public information. Violations can lead to civil and criminal penalties including large fines and imprisonment.
This document contains a quiz on governance, business ethics, risk management, and internal control. It includes multiple choice and explanation questions that assess understanding of key concepts such as the definition of governance, characteristics of good governance, corporate governance principles and objectives. The questions cover topics like national, local, corporate and international governance as well as transparency, accountability, and the basic principles of effective corporate governance.
This document discusses and defines the concept of corporate governance. It provides definitions from various sources and discusses the importance and significance of corporate governance. Some key points:
1. Corporate governance involves balancing the interests of a company's many stakeholders through systems of rules, practices and processes.
2. It became a pressing issue following accounting scandals to restore confidence in markets.
3. Good corporate governance practices include discipline, transparency, accountability, responsibility and fairness.
The article discusses how good corporate governance is important for banks' financial performance and long-term sustainability. It argues that banks with strong corporate governance practices tend to have higher profitability and lower costs of capital. Ensuring proper oversight of management and clear accountability helps minimize risks and maintains stakeholder trust, benefiting the bank's financial position.
Corporate governance is important for companies to protect shareholder interests and manage risks. It involves transparency, accountability, and oversight between key stakeholders like shareholders, management, and boards of directors. Not applying effective governance can lead to financial failures, loss of shareholder rights, and lack of transparency deterring investment. Risks include mismanagement, abuse of power, loss of foreign investment, and withdrawal of capital. Governance aims to standardize responsibilities and achieve fairness, efficiency, and optimal resource use through transparency and accountability.
Management of non profit organisation module 3Dr UMA K
This document discusses governance and professionalism in non-profit organizations. It defines governance as the systems and processes to ensure an organization's overall direction, effectiveness, and accountability. Good governance is important for non-profits as they must deliver services and be accountable to members, donors, and stakeholders. The key characteristics of good governance are outlined as participatory, consensus-oriented, accountable, transparent, responsive, effective and efficient, equitable and inclusive, and following the rule of law. The needs for governance in non-profits are also discussed, including enhancing donors' trust, access to global funding, combating corruption, and reducing risks of crises.
The significance of corporate governance in a globalizedScott Odigie
This document outlines Scott Odigie's presentation on the significance of corporate governance in a globalized economy. It defines corporate governance and discusses it as an integral part of success. The presentation covers principles of corporate governance like rights of shareholders, roles of the board, and transparency. It argues that corporate governance is crucial for national development, foreign investment, and company performance globally. In conclusion, corporate governance is presented as an indispensable part of human existence and business.
The presentation will begin at 12PM EST and discuss IT governance. IT governance refers to the rules and regulations that govern an IT department and ensure compliance. Good IT governance provides several benefits, including standardized processes, maximized IT investment returns, and alignment between IT and business objectives. The presentation will cover IT governance definitions, frameworks like COBIT and ITIL, and take questions from the audience.
TRL102610-What is IT Governancedigital Transformation Plan Company ppt.pdfFahmiOlayah
Transformation Plan for A Company
digital Transformation Plan Company pptACME Company Digital Transformation Plan(PowerPoint slides)
You are IT project manager Chief Informa�on Technology (CIO) responsible to
develop and manage Digital transforma�on plan for A company. The Chief
Execu�ve Officer (CEO) asked you to develop short plan consist of vision, mission
and objec�ves , SWOT, strategies, organiza�on structure, roles and responsibility
(RACI chart), IT services and challenges for this project. By answering the following
ques�ons, you will demonstrate your IT governance skills to your CEO to do this
short plan.
The plan must be given in presenta�on (PowerPoint slides) no more than 15
slides. (Only presentation slides no need to present it).
1) What is your vision, mission and strategic objec�ves?
2) What is your strategic alignment model?
3) What are the 5 IT governance main domains?
4) Define your organiza�on structure chose one type only and draw it?
5) You and Your team are 5 people (Applica�on manger, IT support manger,
Security manager, Risk manager). Define RACI matrix and draw table?
6) Define term of program, project and process?
7) Name 4 skills for good project managers?
8) Define the ITIL framework to manage your IT services?Presentation of the slides, font size, color, cover page,
correct referencing, spelling…etc
(1 marks) (3 marks)
2 Clear vision, mission and strategic objectives (0 marks) (2 marks)
3 Clear 5 IT governance main domains (0 marks) (2 marks)
4 Clear organization structure, roles and responsibility
RACI matrix.
(0 marks) (2marks)
5 Clear definitions of program, project and process (0 marks) (2marks)
6 Clear skills for good project managers (0 marks) (2 marks)
7 Clear ITIL framework.
The document discusses key concepts and principles of good governance. It defines governance as the exercise of economic, political and administrative authority to manage a country's resources. Some key qualities and principles of good governance discussed include: economic liberalism, political pluralism, social development, administrative accountability, participation, devolution, non-discrimination, transparency, rule of law, effectiveness, efficiency, accountability, and consensus-building. Good governance promotes values for the public, manages resources without abuse or corruption, and regards the rule of law.
Good Governance: A matter of Choice or Compulsion for Developing Nations.Muhammad Asif Khan
This document provides an introduction and background to a research project on good governance in developing nations. It discusses definitions of governance and good governance, noting key attributes like participation, rule of law, transparency, responsiveness, consensus building, equity, effectiveness, efficiency and accountability. It also examines debates around whether economic growth or good governance comes first, how to measure good governance, and implications for development practitioners. The document includes several appendix sections providing indexes and models related to governance, economic growth and development.
Governance for Sustainable Development, Paths of development, Sustainability, protection and creation, Requirements of sustainability, Pillars of sustainable development, Good governance, Elements of Good Governance, Transition management
This document discusses corporate governance, which refers to the rules and processes by which businesses are regulated and controlled. It involves accountability, fairness, and transparency in a company's relationship with stakeholders. Corporate governance distinguishes owners from managers and defines their roles. It aims to make effective strategic decisions and give authority to the Board of Directors. Good corporate governance ensures economic growth and maintains investor confidence by treating all shareholders equitably and minimizing risks.
Analysis Of Sirianni´S Investing In DemocracyRochelle Schear
Sirianni's book 'Investing in Democracy' examines how governments can enable civic engagement and collaborative problem solving. Sirianni argues the government's role is increasingly important due to complex public problems, diverse stakeholders, and erosion of civic life. He reflects on how governments at all levels can act as civic enablers. However, civic associations and non-profits make most investments in civic capacity and innovation. While important, these contributions are not enough to match the rising costs of civic democracy. More government involvement as a civic enabler could help address this issue. Sirianni conducted case studies and analyses of civic engagement and collaborative governance, extracting eight core principles of collaborative governance and policy design.
1. The document discusses 8 principles of good corporate governance that can be applied to risk management: fairness, accountability, responsibility, transparency, independence, social responsibility, integrity, and monitoring.
2. These principles form the basis of best practices for any organization and include concepts like equal treatment, transparency in disclosing accurate performance information, and independence of directors.
3. Examples of companies in Zimbabwe demonstrating these principles through their risk management and social responsibility programs are also provided, such as the Zimbabwe Revenue Authority, POTRAZ, and Minerals Marketing Corporation of Zimbabwe.
Administration_Vs_Management for free download the ppt of Android applicationsShrutiPanda12
Administration deals with setting policies and objectives at the highest levels of an organization, while management involves implementing those policies through coordination and direction of organizational components. There is no clear distinction in practice, as managers take on both administrative and management functions. Public administration differs from private administration in that it operates within a political framework, aims to serve social good over profit, is subject to legal constraints and accountability, handles large-scale operations, and provides essential public services.
“Ensuring Competitive Advantage and Sustainability: an Overview of Obligation...inventionjournals
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1. Studocu is not sponsored or endorsed by any college or university
Corporate Governance Business Ethics Risk Management
and Internal Control Ch 1 2
Accountancy (STI College)
Studocu is not sponsored or endorsed by any college or university
Corporate Governance Business Ethics Risk Management
and Internal Control Ch 1 2
Accountancy (STI College)
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2. Corporate Governance, Business Ethics, Risk Management and Internal Control
CHAPTER 1
REVIEW QUESTIONS
1. What does governance mean?
Governance is a process wherein the people as a society wield power,
authority and influence and enact policies and decisions concerning public life
and social upliftment. It may be undertaken by the government of a country, by
a market or by a network -- over a social system. It can be used in different
aspects such as corporate governance, international governance, national and
local governance. Hence, Governance pertains to the process of decision
making and the process by which decisions are implemented or not through
the exercise of power or authority by leaders of the country and/ or
organizations.
2. Explain whether the following statement is true or false. “Governance
is exercised only by the government of the country”
False. The scope of Governance is not limited to the government of the
country. Governance is a broad term that can be used in different contexts
such as corporate governance, international governance, national and local
governance. Moreover, Governance comprises all the processes of governing
whether undertaken by the government of a country, by a market or by a
network -- over a social system and whether through the laws, norms, power
or language of an organized society.
3. Explain how governance can be used in the following contexts and
give appropriate examples:
A. National Governance
National Governance is widely understood as the principal unit of
contemporary political order throughout the world or society the state.
The systems of political and economic power which shape
fundamental dimensions of our world are not fixed, but changing, with
significant transitions underway. Further, It is responsible for
maintaining internal and external security and stability.We take for
example Philippine National Government as a separate government
to other countries national government.
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3. B. Local Governance
Local Governance is defined technically as the administration of the
local affairs of a city, town, or other district by its inhabitants. This context
governs a special unit in a particular business or country, and gives the
right and actual capability of local government bodies to regulate and
govern a considerate portion of public affairs, acting within the law at their
own responsibility and for the benefit of local community. For example,
the LGU’s or Local Government Unit in which they are responsible for the
municipal/city affairs.
C. Corporate Governance
Corporate Governance adheres to a system of rules, practices and
processes by which business corporations are directed and controlled. It
basically involves balancing the interests of a company’s shareholders,
management, customers, suppliers, financiers, government and the
community. In addition, it also facilitates effective, entrepreneurial and
prudent management that can deliver long-term success of the company
just like how the big corporation in the Philippines governs their company
to achieve fair and equitable treatment of shareholders, enable to assess
their behavior, increase shareholders wealth and give transparency and
full disclosure.
D. International Governance
The concept of International Governance refers to the pattern of rule
found at the global level. It is also addressed as global governance or
world governance. Further, is a movement towards political cooperation
among transnational actors, aimed at negotiating responses to problems
that affect more than one country or region. International Monetary Fund,
World Bank, United Nations Children's Fund, etc are examples of how
international governance works.
4. Explain briefly the eight (8) characteristics of good governance.
1.Participation
All men and women should have a voice in decision-making, either
directly or through legitimate intermediate institutions that represent their
interests. Such broad participation is built on freedom of association and
speech, as well as capacities to participate constructively.
2.Rule of law
Legal frameworks should be fair and enforced impartially, particularly
the laws on human rights.
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4. 3.Transparency
Transparency is built on the free flow of information. Processes,
institutions and information are directly accessible to those concerned
with them, and enough information is provided to understand and monitor
them.
4.Responsiveness
Institutions and processes try to serve all stakeholders.
5.Consensus orientation
Good governance mediates differing interests to reach a broad
consensus on what is in the best interests of the group and, where
possible, on policies and procedures.
6.Equity
All men and women have opportunities to improve or maintain their
well-being.
7.Effectiveness and efficiency
Processes and institutions produce results that meet needs while
making the best use of resources.
8.Accountability
Decision-makers in government, the private sector and civil society
organizations are accountable to the public, as well as to institutional
stakeholders. This accountability differs depending on the organizations
and whether the decision is internal or external to an organization.
5. Transparency and accountability are synonymous. Explain whether
the statement is correct or not.
The term transparency and accountability are often used interchangeably. To
provide clarification, Transparency denotes that the information is freely
available and directly accessible to those who will be affected by such
decisions and enforcement. Meanwhile, Accountability pertains to who is
responsible by the decision made by governing body. Hence, there is a
complex relationship between because transparency is considered as a
pre-requisite of accountability as well; they have become synonymous.
6. Explain whether the following statement is true or false.
“Responsiveness usually results to effectiveness and efficiency”
True. Responsiveness will usually result to effectiveness and efficiency
because when you’re responsive on a certain thing, it will get you to where you
need to be and connotes effectiveness and efficiency in work.
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5. 7. Define corporate governance
Corporate Governance is defined as system of rules, practices, and
processes by which a firm is directed and controlled. Corporate governance
essentially involves balancing the interests of a company's many stakeholders,
such as shareholders, senior management executives, customers, suppliers,
financiers, the government, and the community. It encompasses practically
every sphere of management, from action plans and internal controls to
performance measurement and corporate disclosure. In simple words,
Corporate governance is the structure of rules, practices, and processes used
to direct and manage a company.
8. What does corporate governance structure involve?
Corporations can have many different structures, but the most typical
structure consists of the shareholders, board of directors, officers and the
employees. The structure of corporate governance determines the distribution
of rights and responsibilities between the different parties in the organization
and sets the decision-making rules and procedures. It is usually up to the
management board to decide how the company will develop.
9. State the purpose of corporate governance
The purpose of corporate governance is to have the company’s vision
aligned with their goals and objective. Further, it will facilitate effective
entrepreneurial and prudent management that can deliver long-term success
of the company.Apart from this, the fundamental aim of corporate governance
is to enhance shareholders’ value and protect the interests of other
stakeholders by improving the corporate performance and accountability.
Moreover, it will help build an environment of trust, transparency and
accountability necessary for fostering long-term investment, financial stability
and business integrity, thereby supporting stronger growth and more inclusive
societies.
10.Explain the basic objectives of corporate governance.
The concept of basic objectives of corporate governance are: (1) Fair and
Equitable Treatment of Shareholders, (2)Self-Assessment,(3) Increase
Shareholders’ Wealth, and (4)Transparency and Full Disclosure.
Fair and Equitable Treatment of Shareholders - the structure of governance
must observe integrity and fairness in treating the shareholders.All
stakeholders should be treated equally whether you are major/minor
shareholder.
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6. Self-Assessment - pertains on how a corporation evaluate and assess their
performance and behavior before they are scrutinized by regulatory agencies.
Increase Shareholders’ Wealth - the long-term success of the company’s
shareholder should be protected with aiming to increase their wealth. This only
reflects the positive perception that good corporate governance induces
potential investor to decide to invest in a company.
Transparency and Full Disclosure - having this as objective, shareholders will
not doubt company’s capability into accounts because a good corporate
governance ensure a higher degree of transparency in an organization by
encouraging full disclosure of transaction of the company.
11.Explain the three basic principles of effective corporate governance.
The three basic principles of effective corporate governance includes the
following:
Transparency - this is where the question “ is the board telling us what is
going on?” arise. This principle must address the safeguard integrity in financial
reporting, and meets the information need in investment communities.
Accountability - this is a concept of responsibility on who should be
accountable on decisions made for the organization. This principle must clarify
each role and that of management.
Corporate Control - the notion here are whether the board is doing the right
thing or not, and have the board built long-term sustainable growth in
shareholders value for the corporation.
These three basic principle makes up a corporate government good and
effective.
Multiple Choice Answers:
1. The basic principle of “transparency and full disclosure” for effective
corporate governance responds positively to the following questions
except.
a) Does the board of directors safeguard integrity in financial
reporting?
b) Does the board meet the information needs of investment
communities?
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7. c) Can an outsider meaningfully analyse the firm’s actions and
performance?
d) Has the board built long-term sustainable growth in shareholder’s
value for the corporation?
2. The basic principle of “accountability” for effective governance answers the
following questions positively, except.
a) Does the board recognize and manage risk?
b) Does the board lay solid foundations for management oversight?
c) Does the composition mix of board membership ensure an
appropriate range and risk of expensive diversity, knowledge added
value?
d) Does the board promote objective, ethical and responsible decision
making?
3. “Transparency and full disclosure” principle advocates the following
except.
a) Sound disclosure policies and practices
b) Solid foundations for management oversight
c) Meeting the information needs of investment communities
d) Safeguards integrity in financial reporting
4. The rights of shareholders can be effectively upheld through the following
measures except.
a) By establishing an audit committee
b) By designing and disclosing a communication strategy to promote
affective communication with shareholders
c) Bu encouraging active participation at general meetings.
d) By requiring the external auditor to attend the annual general
meeting and to answer questions about the audit.
5. To safeguard integrity in financial reporting, the business firm should do the
following except.
a) Establish an audit committee
b) Request the eternal auditor to attend the annual general meeting
c) Disclose the functions reserved to the board and those delegated to
management
d) Disclose the policy concerning trading in company securities by
directors, officers and employees.
6. To encourage enhanced performance by the board and management, it is
recommended that the following should be adopted except
a) Disclosure of the process for performance evaluation of the board,
its committees, individual directors and by executives.
b) A remuneration committee
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8. c) Distinguish between non-executive director’s remuneration from
that of executives.
d) Establish policies on risks oversight and management.
7. The characteristics of good governance where fair legal framework are
enforced impartially is.
a) Participation
b) Rule of Law
c) Equity
d) Accountability
CHAPTER 2
REVIEW QUESTIONS
1. “Small business enterprises do not need good governance.” Do you
agree? Explain.
I disagree. Good Governance doesn’t discriminate. It doesn’t denote that
a small enterprise do not need good governance because there are no rules
about it. In fact, both SME’s and large listed companies need good
governance in order to operate smoothly. Whether in small or large
enterprises, there is a need to for control in staff/workers, and proper
accountability.Hence, good governance is needed for small business
enterprises to progress and improve.
2. Does the good governance require absolute rules that must be
adopted by organization?
No, It doesn’t have. Clearly, there are no absolute rules which must be
adopted by all organization to have good governance. To quote, “ There is no
simple universal formula for good governance”. Because, the concept of good
governance encourages organization to give appropriate attention to the
principles and adopt approaches which are tailored to the specific needs of an
organization at a given point in time.
3. What is the essence of any system of corporate governance?
The essence of any system of corporate governance is to allow the board
and management the freedom to drive their organization forward and to
exercise that freedom within a framework of effective accountability.
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9. 4. Where does the board of directors derives its authority?
The Board of Directors, an elective position, derive their authority and
power from the shareholders. Shareholders meticulously select and elect
board of directors to ensure the organization’s long-term viability as they
oversee the implementation of a certain corporate strategy.
5. To whom is the board of directors accountable?
Board of Directors are accountable to shareholders for the company’s
operation and ensuring an effective system of internal controls exists and
overseeing the risk management framework. Further, they must satisfy in
accordance with management objectives and maximization of shareholders'
benefit within the framework of sound business ethics whilst taking into
account the benefits of all stakeholder groups.
Conversely, the accountabilities does not limit to shareholder. Companies
also have responsibilities to other stakeholders. Stakeholders can anyone
who is influenced, whether directly or indirectly, by the actions of a company.
For example, the pension plans of their employees when they retire.
6. On what aspects do shareholders demand accountability from the
board of directors?
Shareholders demand accountability as to how well the resources that
have been entrusted to management and the board have been used.
Consequently, the owners/shareholders want accountability in different
aspects such as: (1) Financial Performance, (2) Financial Transparency - clear
with full disclosure, (3) Stewardship - on how well the company protects and
manages the resources, (4) Quality of internal control, and (5) Composition of
the board of directors and the nature of its activities, on how well the
management implement an incentive system that are aligned with the
shareholders’ best interests.
7. What is management’s responsibility from the board of directors?
The management has a responsibility to provide financial report, and in
some cases, reports on internal control effectiveness. Management has
always had the primary responsibility for the accuracy and completeness of an
organization’s financial statements. Further, from a financial reporting
perspective, management has responsibility on which accounting principle
best portray the economic substance of company transactions, implement a
system of internal control and ensures financial statements accuracy and full
disclosure.
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10. 8. Describe the broad role of the shareholders in a corporation.
The broad role of shareholders in a corporation is to provide an effective
oversight through election of board members, approval of major initiatives
such as buying or selling stock, annual reports on management compensation,
from the board.
9. Describe the broad role of the Board of Directors.
The board of directors, broad role, is that they are the major representative
of stockholders to ensure that the organization is run according to the
organization’s charter and that there is proper accountability.
10.What are the specific activities of the board of directors?
The specific activities of board of directors are as follows:
1. Overall Operation
a) Establishing the organization’s vision, mission, values and
ethical standards.
b) Delegating an appropriate level of authority to management.
c) Demonstrating leadership.
d) Assuming responsibility for the business relationship with
CEO including his or her appointment, succession, performance
remuneration and dismissal.
e) Overseeing aspects of the employment of the management
team including management remuneration, performance and
succession planning.
f) Recommending auditors and new directors to shareholders.
g) Ensuring effective communication with shareholders other
stakeholders.
h) Crisis management.
i) Appointment of the CFO and corporate secretary.
2. Performance
a) Ensuring the organization’s long term viability and anhancing
the financial position.
b) Formulating and overseeing implementation of corporate
strategy.
c) Approving the plan, budget and corporate policies.
d) Agreeing key performance indicators (KPIs)
e) Monitoring/ assessing assessment, performance of the
organization, the board itself, management and major projects.
f) Overseeing the risk management framework and monitoring
business risks
g) Monitoring developments in the industry and the operating
environment.
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11. h) Oversight of the organization, including its control and
accountability systems.
i) Approving and monitoring the progress of major capital
expenditure, capital management and acquisitions and divestitures.
3. Compliance/ Legal Conformance
a) Understanding and protecting the organization’s financial
position.
b) Requiring and monitoring legal and regulatory compliance
including compliance with accounting standards, unfair trading
legislation, occupational health and safety and environmental
standards.
c) Approving annual financial reports, annual reports and other
public documents/sensitive reports.
d) Ensuring an effective system of internal controls exists and is
operating as expected.
Multiple Choice Answers:
1. Approving annual financial reports and other public documents are specific
responsibilities of.
a) Management
b) Board of Directors
c) Shareholders
d) Employees
2. Providing oversight the internal and external audit function, the process of
preparing the annual financial statements and public reports on internal
control are the responsibility of.
a) Board of Directors
b) Chief executive officer
c) Chief financial officer
d) Audit committee of the board of directors
3. Who is responsible for ensuring the accuracy, timeliness of public reporting
of financial and other information for public companies?
a) External auditors
b) Securities and exchange commission
c) Shareholders
d) Board of Accountancy
4. Who performs audit of companies for compliance with company policies an
laws, audits efficiency of operations and periodic evaluation and tests
control?
a) External auditors
b) Internal auditors
c) Commission of audit
d) Chief accountant
5. An independent director is expected to.
a) Apply experience and skills in the corporations best interest
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12. b) Asset management to keep performance objectives at the top of its
agenda
c) Respect the collective, cabinet nature of the board’s decision
d) Act as conduit between the board and the organization
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