ACCA审计（AA)

F8笔记--02.Corporate governance，包含公司治理、审计委员会、内控影响和治理层交流。

02.Corporate governance

• Codes of corporate governance
  • corporate governance
    • the system by which companies are directed and controlled
    • facilitate management that can deliver long-term success
    • responsibilities of BOD
    • internal control and external auditors
  • corporate governance practice
    • chair≠CEO
    • non-executive directors＞50%
    • audit committee
      • independent NEDs
      • review internal control
    • remuneration committee
      • NEDs
      • 不能制定自己的薪酬
      • long-term+short-term
    • nomination committee
      • induction programs
      • re-election≤3 years
• Audit committees
  • responsibilities
    • external
      • monitor financial statement
      • implement policy on supply of non-audit services by external auditor
      • review and monitor independence and objectivity of external auditor
      • approve remuneration and engagement terms of external auditor
      • appointment,reappointment and removal of external auditor
    • internal
      • review internal control and risk management systems
      • effectiveness of internal audit
      • internal audit function
      • whistle blowers
  • advantages
    • increase confidence
    • save more time of management
    • impartial body
    • provide access
    • independent
  • disadvantages
    • difficult to select
    • formalized reporting
    • increase costs
• Internal control effectiveness
  • directors'responsibilities for internal control
  • auditors'responsibilities for internal control
• Communication with those charged with governance
  • definition of TCWG
  • communication with TCWG
    • develop a constructure working relationship
    • obtain information
    • responsibility
  • matters to communication
    • responsibilities in audit engagement
    • plan scope and time
    • significant findings
    • conflict of interest