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Auditing and Its Role in Corporate Governance

Auditing and Its Role in Corporate Governance

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Published by: zafarabbasrizvi on Mar 02, 2011
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 SEMINAR
 
AUDITING AND ITSROLE IN CORPORATE GOVERNANCE 
Z
AFAR ABBAS RI
ZV
IM.COM 3
RD
(2009-11)ACCOUNTING SPECIALI
Z
ATION2009-AG-987
 
 
Table of Contents
y
 
Definition of corporate governance
y
 
B
enefits of Good Corporate Governance
y
 
R
easons for Corporate Governance Failures
y
 
Wh
ere does t
h
e auditor fit in?
y
 
A
uditors
R
ole in Corporate Governance
y
 
Obj
ectives  of an
A
udit
y
 
A
uditing is a Pu
b
lic
R
esponsi
b
ility
y
 
R
elations
h
ip
b
etween t
h
e
B
oard and t
h
e
A
uditors
y
 
A
udit Matters of Governance Interest
y
 
R
elations
h
ip
b
etween t
h
e
A
udit Committee and t
h
e
A
uditors
y
 
A
udit Committees
y
 
R
egulation of 
A
uditors
y
 
Conclusion
 
 
AUDITING AND ITS ROLE IN CORPORATEGO
V
ERNANCE 
Corporate Governance Defined:
Governance is t
h
e term used to descri
b
e t
h
e role of persons entrusted wit
h
t
h
esupervision, control, and direction of an entity.Depending on t
h
e
j
urisdiction, different
b
odies may
h
ave responsi
b
ility forcorporate governance like,
y
 
B
oard of Directors
y
 
A
udit Committee
y
 
O
t
h
er supervisory committees
 
Benefits of Good Corporate Governance
y
 
Most direct
b
enefit is to non-management s
h
are
h
olders.
y
 
U
ltimate
b
enefit is t
h
e more efficient allocation of capital to its mostproductive uses.
Reasons for Corporate Governance Failures
N
o governance system, no matter
h
ow well designed, will fully prevent greedy,dis
h
onest people from putting t
h
eir personal interests a
h
ead of t
h
e interests of t
h
e companies t
h
ey manage.
y
 
B
ut many steps can
b
e taken to improve corporate governance and t
h
ere
b
yreduce opportunities for accounting fraud.
y
 
T
h
e auditing profession
h
as an important role to play.
 

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