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Corporate Governance and Turnbull Report Quiz

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Corporate Governance and Turnbull Report Quiz

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Questions and Answers

What is the main responsibility of non-executive directors regarding financial information?

To prepare financial statements

To ensure compliance with laws and regulations

To manage risk and control matters

To satisfy themselves on the integrity of financial information (correct)

What is the primary objective of a company's internal control system?

To facilitate the company's effective and efficient operation (correct)

To manage risk and control matters

To ensure compliance with laws and regulations

To safeguard shareholders' investments

How often are directors required to conduct a review of the effectiveness of the group's system of internal controls?

Monthly

Quarterly

Bi-annually

Annually (correct)

What is the purpose of the 'Orange Book'?

To provide guidance on risk management Signup and view all the answers

What is the primary requirement of the Corporate Governance Code Principle C.2?

To maintain a sound system of internal control Signup and view all the answers

What is the primary function of governance in an organization?

To exert strategic control over business functions through policies and objectives Signup and view all the answers

According to the Turnbull Report, where should risk management and internal control be incorporated?

Within the company's normal management and governance processes Signup and view all the answers

What is the role of the board according to the UK Corporate Governance Code?

To provide entrepreneurial leadership within a framework of prudent and effective controls Signup and view all the answers

What is a key responsibility of the board according to the UK Corporate Governance Code?

To assess and manage risk Signup and view all the answers

What is the focus of Section C.2 of the Code?

Risk management and internal control Signup and view all the answers