ACC 112 SPCL PRELIM EXAMS

It refers to a process whereby elements in society wield power, authority, and influence and enact policies and decisions concerning public life and social upliftment.

• GOVERNANCE

• CONGRESS

• LAW

• ORDINANCE

It is the process of decision-making and the process by which decisions are implemented through the exercise of power or authority by leaders of the country and/or organizations.

• GOVERNMENT

• LAW

• CONGRESS

• GOVERNANCE

A characteristic of Good Governance that ensures that all its members feel that they have a stake in it and do not feel excluded from the mainstream of society.

• RULE OF LAW

• ACCOUNTABILITY

• EQUITY AND INCLUSIVENESS

• TRANSPARENCY

A characteristic of Good Governance that requires fair legal frameworks that are enforced impartially. it also requires full protection of human rights, particularly those of minorities.

• RULE OF LAW

• ACCOUNTABILITY

• EQUITY AND INCLUSIVENESS

• TRANSPARENCY

A characteristic of Good Governance that cannot be enforced without transparency and rule of law.

• RULE OF LAW

• ACCOUNTABILITY

• EQUITY AND INCLUSIVENESS

• TRANSPARENCY

A characteristic of Good Governance that means that decisions taken and their enforcement are done in a manner that follows rules and regulations.

• RULE OF LAW

• ACCOUNTABILITY

• EQUITY AND INCLUSIVENESS

• TRANSPARENCY

An independent director is expected to

• Apply expertise and skills in the corporation’s best interest.

• Asset management to keep performance objectives at the top of its agenda.

• Respect the collective, cabinet nature of the board’s decision.

• Act as conduit between the board and the organization.

Who performs audit of companies with company policies and laws, audits efficiency of operations and periodic evaluation and test of controls?

• External auditors

• Internal auditors

• Commission on audit

• Chief accountant

Who is responsible for ensuring the accuracy, timeliness of public reporting of financial and other information for public companies?

• External auditors

• Securities and Exchange Commission

• Shareholders

• Board of Accountancy

Providing oversight of the internal and external audit function, the process of preparing the annual financial statements and public reports on internal control are the responsibility of

• Board of Directors

• Chief Executive Officer

• Chief Financial Officer

• Audit committee of the Board of Directors