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Questions and Answers
Which party is responsible for overseeing the corporate risk management framework and monitoring risks?
Which party is responsible for overseeing the corporate risk management framework and monitoring risks?
- Board of Directors (correct)
- Management
- Audit committee of the board of directors
- Shareholders
What is the main responsibility of shareholders?
What is the main responsibility of shareholders?
- Receiving annual reports on management compensation
- Receiving dividends
- Electing the board of directors (correct)
- Approving major initiatives
Who is responsible for approving the annual financial reports and other public documents?
Who is responsible for approving the annual financial reports and other public documents?
- Shareholders
- External auditors
- Management
- Board of Directors (correct)
What is the role of non-executive or independent directors?
What is the role of non-executive or independent directors?
Who is responsible for managing the organization effectively and providing accurate and timely reports to shareholders and other stakeholders?
Who is responsible for managing the organization effectively and providing accurate and timely reports to shareholders and other stakeholders?
Who is responsible for establishing the organization's vision, mission, values, and ethical standards?
Who is responsible for establishing the organization's vision, mission, values, and ethical standards?
Who is responsible for recommending auditors and new directors to shareholders?
Who is responsible for recommending auditors and new directors to shareholders?
According to Milton Friedman, what is the one and only social responsibility of business?
According to Milton Friedman, what is the one and only social responsibility of business?
According to stakeholder theory, what does a socially responsible corporation consider?
According to stakeholder theory, what does a socially responsible corporation consider?
Who are the stakeholders in a corporation?
Who are the stakeholders in a corporation?
What is the main concern of shareholders?
What is the main concern of shareholders?
What is the relationship between shareholders/owners and other stakeholders in a corporation?
What is the relationship between shareholders/owners and other stakeholders in a corporation?
What does financial transparency refer to?
What does financial transparency refer to?
What does the composition of the board of directors need to be responsive to?
What does the composition of the board of directors need to be responsive to?
Which of the following best describes a shareholder?
Which of the following best describes a shareholder?
Based on the information provided, who can be considered a stakeholder?
Based on the information provided, who can be considered a stakeholder?
What is the main difference between shareholders and stakeholders?
What is the main difference between shareholders and stakeholders?
According to Milton Friedman, what is the moral duty of a corporation?
According to Milton Friedman, what is the moral duty of a corporation?
Who can be considered a stakeholder in a company?
Who can be considered a stakeholder in a company?
Are all shareholders considered stakeholders?
Are all shareholders considered stakeholders?
What is the primary interest of shareholders?
What is the primary interest of shareholders?
Which of the following is NOT a role of the board of directors?
Which of the following is NOT a role of the board of directors?
Which of the following is a role of the audit committees of the board of directors?
Which of the following is a role of the audit committees of the board of directors?
Which organization is responsible for setting accounting and auditing standards?
Which organization is responsible for setting accounting and auditing standards?
What is the role of the Securities Exchange Commission?
What is the role of the Securities Exchange Commission?
What is the main responsibility of external auditors?
What is the main responsibility of external auditors?
What is the main responsibility of internal auditors?
What is the main responsibility of internal auditors?
Which organization is responsible for ensuring the accuracy of public reporting of financial information for public companies?
Which organization is responsible for ensuring the accuracy of public reporting of financial information for public companies?
What is the role of the board of accountancy?
What is the role of the board of accountancy?
What is the role of the audit committees of the board of directors in relation to the internal audit function?
What is the role of the audit committees of the board of directors in relation to the internal audit function?
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