Corporate Governance
This query is : Resolved
01 April 2009
What is the Corporate Governance, what is it's Importance and what formalities are required for it?
01 April 2009
Governance: The role of person entrusted with supervision, control and direction of entity.
They are the people who are ultimately responsible for achieving organization goals and objective and also communicate the performance by way of Financial Statements and reports.
Audit matters of Governance Interest
Matters which are both important and relevant to those charged with governance in overseeing the financial reporting and order that is the weakness in internal control system which the auditor has come a crossed to.
(Letter of weakness or mgt. letter)
Auditor duties in relation to AAS-27 on matters charged with governance
1. Communication: - of those matters which has come across during the course of audit.
2. Identification of relevant person that is top level of mgt.
3. Specification in letters of engagement: - in letter of engagement auditor may state that he will communicate only those matters of governance interest that has come across to attention as result of performance.
4. Timeliness: - Such communication has to be made on timely basis so that appropriate decisions can be taken on time.
5. Documentation: - These should be documented as part of working paper.
6. Qualification in Report: - If management doesn’t respond on matters till the date of audit report then he shall qualify the report.
7. Others :- a) Principal of Confidentiality.
b) Law and regulation Governing an enterprises.
Above are some highlights which I provide to CA final Student to undertand the concept of Audit. Do let me know your purpose to understand the concept.
They are the people who are ultimately responsible for achieving organization goals and objective and also communicate the performance by way of Financial Statements and reports.
Audit matters of Governance Interest
Matters which are both important and relevant to those charged with governance in overseeing the financial reporting and order that is the weakness in internal control system which the auditor has come a crossed to.
(Letter of weakness or mgt. letter)
Auditor duties in relation to AAS-27 on matters charged with governance
1. Communication: - of those matters which has come across during the course of audit.
2. Identification of relevant person that is top level of mgt.
3. Specification in letters of engagement: - in letter of engagement auditor may state that he will communicate only those matters of governance interest that has come across to attention as result of performance.
4. Timeliness: - Such communication has to be made on timely basis so that appropriate decisions can be taken on time.
5. Documentation: - These should be documented as part of working paper.
6. Qualification in Report: - If management doesn’t respond on matters till the date of audit report then he shall qualify the report.
7. Others :- a) Principal of Confidentiality.
b) Law and regulation Governing an enterprises.
Above are some highlights which I provide to CA final Student to undertand the concept of Audit. Do let me know your purpose to understand the concept.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
