(PONGASE, ELAIZA JAYNE M.) Governance Terms - Individual Output Requirement

1.
Governance Planning
A governance plan refers to roles and processes in an enterprise that serve as a guideline for
fulfilling, sustaining and extending IT planning. A governance plan crosses all organizational
layers, including stakeholders, administration, maintenance, strategy, policy and support.
Technopedia. (2011, December 21). What is a Governance Plan? - Definition from Techopedia.
Retrieved March 18, 2022, from https://www.techopedia.com/definition/2910/governance-
plan#:~:text=A%20governance%20plan%20refers%20to,%2C%20strategy%2C%20policy%20and
%20support.
2. Corporate Raiding
A corporate raider is an individual or a party that purchases a substantial position (enough to
gain a controlling position) in a company that is deemed undervalued. In other words, a
corporate raider is an individual that takes control (commonly through a hostile takeover) of an
undervalued company.
Corporate Finance Institute (2015). What is a Corporate Raider? Retrieved March 18,2022, from
https://corporatefinanceinstitute.com/resources/knowledge/deals/corporate-raider/
3. Fraud
Fraud is a deliberate act (or failure to act) with the intention of obtaining an unauthorized
benefit, either for oneself or for the institution, by using deception or false suggestions or
suppression of truth or other unethical means, which are believed and relied upon by others.
University of Southern Indiana (2022). What is Fraud? Retrieved March 18,2022, from
https://www.usi.edu/internalaudit/what-is-fraud/
4. Engagement
A governance strategy that links citizens more directly into the. decision-making process of the
State in order to enable them to influence the public. Policies and programmers in a manner
that impacts more positively on their social and. economic lives.
ASSET- Action plan on Science in Society related issues in Epidemics and Total (2015). Engaged
governance? Retrieved March 18,2022, from
http://www.asset-scienceinsociety.eu/pages/engagedgovernance#:~:text=Engaged
%20governance%20is%20a%20governance,economic%20lives.
5. Engagement processes
The engagement process refers to the initial interactions between the social worker and the
client. A successful engagement process sets in place a strong foundation for the work that the
client and social worker will do together.
Springer Publishing (2021). The Engagement Process. Retrieved March 18,2022, from
https://connect.springerpub.com/content/book/978-0-8261-3363-2/chapter/ch04
6. Technical competence
The knowledge and abilities required to apply specific technical principles and information in a
job function or role. They are usually learned in an educational environment or on the job and
are the “what” of performing a job. Counselling is one example of a technical competency.
Canadian Centre on Substance Use and Addiction (2020). Technical Competencies. Retrieved
March 18,2022, from
https://www.ccsa.ca/technicalcompetencies#:~:text=Technical%20Competencies%20are%20the
%20knowledge,example%20of%20a%20technical%20competency.
7. Professional independence
“Professional” independence is a group of characteristic actions resulting from the duty of care
that arises out of the social contract with the public who has granted the profession exclusive
rights of title and/or practice in return for the obligation of self-regulation.
ASSOCIATION OF BC PROFESSIONAL FORESTERS (2000). Professional

Independence and the ABCPF Member. Retrieved March 18,2022, from
http://member.abcfp.ca/WEB/abcfp/Files/policies/guideline-independence.pdf
8. Objectivity
Objectivity in governance means adherence to rationality, legality and to prove standards,
procedures and norms in institutions by the public authorities. It implies that the governance
decisions should be taken based on merit and after rigorous analysis of evidence.
ACCA “Corporate Reporting-Course notes” (2011). OBJECTIVITY IN CORPORATE GOVERNANCE.

Retrieved March 18,2022, from
https://economybuilding.wordpress.com/2011/03/06/objectivity-in-corporate-governance/
9. Integrity
Integrity, also known as moral uprightness and strong adherence to honesty and fairness, is
closely linked to ethics. Integrity also refers to wholeness and completeness. This is an
important definition and well worth thinking over. We hear expressions such as “the integrity of
the exam” or the “the integrity of the document”, which means something remains untainted,
and was not tampered with or altered.
Copyright (C) 2014 Civil Service Commission. All Rights Reserved. Ethics, Integrity, and
Accountability for Good Governance. Retrieved March 18,2022, from
http://www.csc.gov.ph/speech/418-ethics,-integrity,-and-accountability-for-good-
governance.html
10. Core competences
It is exemplified through professional behaviors. Together, they define what an effective
company secretary or governance professional knows, does and believes. This provides a clear
picture of the role for governance professionals and those who work with them.
The Chartered Governance Institute UK & Ireland (2021). The Competency Framework for
Governance Professionals. Retrieved March 18,2022, from https://www.cgi.org.uk/professional-
development/competency-framework
11. Corrective problem

An action realizing and defining a problem, determining its cause, and taking appropriate
measures to prevent it from happening again. The Corrective Action Process (CAP) then helps to
document, create, implement, and verify the actions taken.
Workflow Management Software by Integrity (2020). Corrective Action and Preventive Action
(CAPA) Process: Automate Compliance. Retrieved March 18,2022, from
https://www.integrify.com/corrective-action-process/
12. Progressive problem

A critical task for progressive Governments is to address the issues of poverty and
underdevelopment. Like the problems of poverty, child hunger, debt, conflict, environmental
degradation is connected.
U.S. Department of State (2001). Progressive Governance for the 21st Century. Retrieved March
18,2022, from https://1997-2001.state.gov/global/human_rights/000603_whfs_prog_gov.html
13. Opportunistic problem

The use of controlling approaches in public management helps to reduce the risks of
opportunistic behavior of the government bureaucracy and increases the efficiency of its
activities.
Werder. (2011). Corporate Governance and Stakeholder Opportunism - JSTOR. Retrieved March
18,2022, from https://www.jstor.org/stable/41303126
14. Business planning

Business planning is the process whereby an organization’s leaders figure out the best roadmap
for growth and document their plan for success. It includes diagnosing the company’s internal
strengths and weaknesses, improving its efficiency, working out how it will compete against rival
firms in the future, and setting milestones for progress so they can be measured.
Growthink Inc. (2022). What is Business Planning? Retrieved March 18,2022, from
https://www.growthink.com/businessplan/help-center/business-planning-process-5-steps-
creating-new-plan
15. Business process
A set of steps taken to achieve an outcome. The outcome could be to deliver a product,
assemble a product, bring on new employees, pay invoices, or anything else of this sort.
SolveXia (2021). What is a Business Process? Definitions & Examples. Retrieved March 18,2022,
from https://www.solvexia.com/blog/what-is-a-business-process
16. Reengineering
A crucial element in the agenda of many large as well as small companies in many industries,
with manufacturing and banking/ finance being the leading sectors. It allows organizations to
view their business processes from a fresh perspective in order to understand how to redesign
them to improve the way they work.
Amanda Athuraliya (2019). What is Reengineering? Retrieved March 18,2022, from

https://creately.com/blog/business/what-is-business-process-reengineering/
17. Management Fraud
Management fraud, conducted by one or more top-level managers within the company, is
usually in the form of fraudulent financial reporting. Oftentimes, the chief executive officer
(CEO) or chief financial officer (CFO) conducts fraud by misstating the financial statements
through elaborate schemes or complex transactions.
O’Reilly Media, Inc. (2022). The Nature of Management Fraud. Retrieved March 18,2022, from
https://www.oreilly.com/library/view/accounting-information-systems/9781118162309/c03-
4.html
18. Board Balance Scorecard

The Board Scorecard details the tasks to be performed as part of the board's basic mission, and
includes activities such as: approve and monitor funding for strategic initiatives, evaluate and
reward executive performance, and actively monitor risk and regulatory compliance.
Kaplan et. (2003). Boards and Corporate Governance: A Balanced Scorecard Approach. Retrieved
March 18,2022, from https://hbswk.hbs.edu/item/boards-and-corporate-governance-a-
balanced-scorecard-approach
19. Audit Committee

An audit committee is a sub-group of a company’s board of directors responsible for the
oversight of the financial reporting and disclosure process. To be successful, the audit
committee should be aware of the processes and internal controls in the organization.
CFI Education Inc. (2015). What is an Audit Committee? Retrieved March 18,2022, from
https://corporatefinanceinstitute.com/resources/knowledge/accounting/audit-committee/
20. Three Tier security checks

A client is defined as a requester of services and a server is defined as the provider Thus three-
tier client/server applications employ an intermediary or middle-tier application systems as the
business logic and services such as security, persistence, services (including check-in and check-
out, version control, and security.
Anonymous (2011). Three Tier Security Checks Definition. Retrieved March 18,2022, from
https://www.pdfprof.com/PDF_Image.php?idt=109258&t=40
21. Rules-based code of ethics

An approach to ethics management wherein the morality of an action is judge based on rules.
When deviation from the code occurs, the organization takes corrective action.
EDGE Learning Media (2018). What is Rule-based Ethics? Retrieved March 18,2022, from
22. Policy on Accountability, Integrity and Vigilance
This policy covers all Directors, Officers and Employees, as well as consultants, suppliers who act
on behalf of APC Group Inc. (APC) collectively, hereinafter referred to as “Employees”.
APC Group, Inc. (2017). Accountability Integrity and Vigilance (Whistle-Blowing). Retrieved
March 18,2022, from http://www.apcaragorn.net/index.php/corporate-governance/company-
policies/28-policy-on-accountability-integrity-and-vigilance
23. Marketing research

A process by which an organization gathers information about its ideal customer and larger
market in order to inform the organization’s go-to-market strategy. This research might include
gathering data from current or former customers, consumers in your target market, or even
marketing activities of competitors.
DemandJump (2020 What is marketing research? Retrieved March 18,2022, from

24. Strategic management

A planned use of a business' resources to reach company goals and objectives. Strategic
management requires ongoing evaluation of the processes and procedures within an
organization and external factors that may impact how the company functions. The process of
strategic management should guide top-level programs and decisions.
Indeed Editorial Team (2021 Strategic Management: Definition, Purpose and Example. Retrieved
March 18,2022, from https://www.indeed.com/career-advice/career-development/what-is-
strategic-management
25. Project feasibility study

A study of a project's various elements to determine if it has the potential for success. Before a
project begins, a company can evaluate the project's feasibility to identify obstacles, form
strategies to overcome them and ultimately attract investors.
Indeed Editorial Team (2021). What Is Project Feasibility and Why Is It Important? Retrieved
March 18,2022, from https://www.indeed.com/career-advice/career-development/project-
feasibility
26. Appraisal of accounting system

An appraisal is the process of conducting a fair analysis to evaluate an asset, a business, an
organization or a performance based on certain standards. A qualified person called an
appraiser does appraisal. It is done whenever properties need to be sold and its value is
determined for tax obligations for a business.
Mandalika (2020). What is appraisal in accounting? Retrieved March 18,2022, from

https://www.tutorialspoint.com/what-is-appraisal-in-accounting#:~:text=An%20appraisal%20is
%20the%20process,tax%20obligations%20for%20a%20business.
27. Managerial accounting

A method of accounting that creates statements, reports, and documents that help
management in making better decisions related to their business’ performance. Managerial
accounting is primarily used for internal purposes.
Vidhya Krishnan (2020). Managerial Accounting – Definition, Objective, Techniques &

Limitations. Retrieved March 18,2022, from https://www.zoho.com/books/guides/management-
accounting.html#:~:text=Managerial%20accounting%2C%20also%20called
%20management,primarily%20used%20for%20internal%20purposes.
28. Business recovery

A risk which refers to a company's exposure to loss as a result of damage to its ability to conduct
day-to-day operations. Loss of ability to conduct day-to-day operations may result from supply
chain interruptions, damage to physical locations, or loss of access to virtual systems, among
other losses.
Katelyn Peters (2020). What Is Business Recovery Risk? Retrieved March 18,2022, from
https://www.investopedia.com/terms/b/business-recovery-risk.asp
29. Dispute analysis and investigation

Dispute Analysis & Investigations (DA&I) services are aimed at helping lawyers and other parties
to a litigation resolve conflicts or disputes through arbitration, mediation or other venues.
PricewaterhouseCoopers International Limited (2017). Dispute Analysis & Investigations - DA&I.

Retrieved March 18,2022, from https://www.pwc.com/ve/en/servicios/finanzas-corporativas-y-
recuperaciones/analisis-de-disputas-e-investigaciones.html
30. Forensic accounting

A specialized area of accounting — and a challenging one. A forensic accountant investigates
incidents of fraud, bribery, money laundering and embezzlement by analyzing financial records
and transactions, tracing assets, and more.
Robert Half (2021). Want to Be a Forensic Accountant? What You Need to Know. Retrieved
March 18,2022, from https://www.roberthalf.com/blog/job-market/what-do-you-need-to-
succeed-in-forensic-accounting-jobs#:~:text=Forensic%20accounting%20is%20a%20specialized,
%2C%20tracing%20assets%2C%20and%20more.
31. Fraud audit

A detailed examination of the financial records of a business, with the intent of finding instances
of fraud. This procedure is more detailed than a normal audit, since some types of fraud involve
such small amounts of money and other assets that they might fall below the standard
materiality threshold. The task of the auditor is to gather evidence regarding a fraud, which may
also result in acting as an expert witness during subsequent legal proceedings.
AccountingTools (2022). What is a Fraud Audit? Retrieved March 18,2022, from

https://www.accountingtools.com/articles/fraud-audit
32. Governance
Governance has been defined to refer to structures and processes that are designed to ensure
accountability, transparency, responsiveness, rule of law, stability, equity and inclusiveness,
empowerment, and broad-based participation.
IBE-UNESCO (2022) Concept of Governance. Retrieved March 18,2022, from

http://www.ibe.unesco.org/en/geqaf/technical-notes/concept-governance
33. Corporate Governance
A combination of rules, processes or laws by which businesses are operated, regulated or
controlled. The term encompasses the internal and external factors that affect the interests of a
company's stakeholders, including shareholders, customers, suppliers, government regulators
and management.
Sarah Lewis (2022). The Engagement Process. Retrieved March 18,2022, from
https://searchcompliance.techtarget.com/definition/corporate-governance#:~:text=Corporate
%20governance%20is%20the%20combination,suppliers%2C%20government%20regulators
%20and%20management.
34. Code of Ethics

An ethical principle that governs decisions and behavior at a company or organization. They give
general outlines of how employees should behave, as well as specific guidance for handling
issues like harassment, safety, and conflicts of interest.
Betterteam (2021). Code of Ethics. Retrieved March 18,2022, from

https://www.betterteam.com/code-of-ethics
35. Fraud-business
Business fraud is simply the intent or the act of misrepresentation – scammers lying about
themselves or their actions and services – to cause a gain or loss.
Metropolitan Police (2022). The Business Fraud and How to Prevent it. Retrieved March 18,2022,
from https://www.met.police.uk/advice/advice-and-information/fa/fraud/business-fraud/how-
to-prevent-business-fraud/
36. Risk assessment

A process to identify potential hazards and analyze what could happen if a hazard occurs. A
business impact analysis (BIA) is the process for determining the potential impacts resulting
from the interruption of time sensitive or critical business.
FEMA (2021) Risk Assessment. Retrieved March 18,2022, from

37. Internal Control

Internal control is a process, effected by an entity's board of directors, management and other
personnel, designed to provide reasonable assurance: That information is reliable, accurate and
timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.
The Regents of the University of California (2022). Internal Controls. Retrieved March 18,2022,
from https://audit.ucsf.edu/internal-controls#:~:text=Internal%20control%20is%20a
%20process,regulations%2C%20contracts%2C%20policies%20and%20procedures
38. Internal Audit

It evaluates a company's internal controls, including its corporate governance and accounting
processes. These audits ensure compliance with laws and regulations and help to maintain
accurate and timely financial reporting and data collection.
Springer Publishing (2021). The Engagement Process. Retrieved March 18,2022, from
https://www.investopedia.com/terms/i/internalaudit.asp#:~:text=What%20is%20an%20Internal
%20Audit,financial%20reporting%20and%20data%20collection.
39. Bribery
It refers to the offering, giving, soliciting, or receiving of any item of value as a means of
influencing the actions of an individual holding a public or legal duty.
Cornell Law School. (1992). Bribery Definition. Retrieved March 18,2022, from
https://www.law.cornell.edu/wex/bribery
40. Conflict of interest

A conflict of interest occurs when a party has competing interests or loyalties because of their
duties to more than one person or organization. A person with a conflict of interest can't do
justice to the actual or potentially conflicting interests of both parties.
Jean Murray, MBA, Ph.D. (2020). What Is a Conflict of Interest? Retrieved March 18,2022, from
https://www.thebalancesmb.com/what-is-a-conflict-of-interest-give-me-some-examples-398192
41. Corporate Integrity
Corporate integrity is defined as a state or condition in which the objectives of the managers
and the shareholders of a corporation are undivided and complete. The compensation of the
managers and the shareholders is selected as a subset of the objectives.
Dirk G. Baur (2008). Corporate Integrity. Retrieved March 18,2022, from

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1259947#:~:text=Corporate%20integrity
%20is%20defined%20as,a%20subset%20of%20the%20objectives.
42. Trust Index

It means the performance tracking index for CIT, as calculated by FTSE or another index provider
with similar capabilities, as appointed by the Manager, in consultation with the Trustee. The
Trust Index measures the total return of CIT, combining both capital performance of the security
and its reinvested income.
Law Insider Inc. (2013). Trust Index Definition. Retrieved March 18,2022, from
https://www.lawinsider.com/dictionary/trust-index
43. Values-based code of ethics

A values-based code of conduct helps to form an essential part of compliance culture, which is
led from the top, reinforced by middle management, and nurtured at the foundation.
SAI Global Compliance, Inc. (2022). How a Values-based Code of Conduct Can Help You Boost
Compliance, Productivity and Build a Culture of Integrity. Retrieved March 18,2022, from
https://resources.sai360.com/blog/how-a-values-based-code-of-conduct-can-help-you-boost-
compliance-productivity-and-build-a-culture-of-integrity
44. Financial Accounting Information Governance

Financial accounting information is the product of corporate accounting and external reporting
systems that measure and publicly disclose audited, quantitative data concerning the financial
position and performance of publicly held firms.
Robert M. Bushman (2001). Financial Accounting Information and Corporate Governance.

Retrieved March 18,2022, from
http://lib.cufe.edu.cn/upload_files/other/4_20140516025603_18.pdf
45. COSO Framework (Committee of Sponsoring Organizations of the Treadway Commission)

An Integrated Framework that provides an effective and efficient approach that can be
leveraged to design and implement controls to address the unique risks associated with
blockchain.
The Committee of Sponsoring Organizations of the Treadway Commission. (1985). COSO

Framework. Retrieved March 18,2022, from
https://www.coso.org/Pages/default.aspx#:~:text=The%20Committee%20of%20Sponsoring
%20Organizations%20of%20the%20Treadway%20Commission's%20(COSO,unique%20risks
%20associated%20with%20blockchain.
46. Components of COSO

The five components of COSO – control environment, risk assessment, information and
communication, monitoring activities, and existing control activities – are often referred to by
the acronym C.R.I.M.E. To get the most out of your SOC 1 compliance, you need to understand
what each of these components includes.
KirkpatrickPrice (2021). The 5 Components of Internal Control. Retrieved March 18,2022, from
https://kirkpatrickprice.com/video/5-components-internal-control/#:~:text=The%20five
%20components%20of%20COSO%20%E2%80%93%20control%20environment%2C%20risk
%20assessment%2C,each%20of%20these%20components%20includes.
47. SOX (Sarbanes-Oxley Act)

The Sarbanes-Oxley Act of 2002 is a law the U.S. Congress passed on July 30 of that year to help
protect investors from fraudulent financial reporting by corporations. Also known as the SOX Act
of 2002 and the Corporate Responsibility Act of 2002, it mandated strict reforms to existing
securities regulations and imposed tough new penalties on lawbreakers.
Well Kenton (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 18,2022, from
48. Employee Fraud

Employee fraud is when an employee knowingly lies, deceives or steals from a company with
the intent to obtain benefits or compensation of some type. The U.S. Department of Commerce
reported that employee theft is responsible for one-third of all business bankruptcies.
Agency Revolution. (2022). What Exactly is Employee Fraud? Retrieved March 18,2022, from
https://www.definitiveinsurance.com/research-center-employee-fraud#:~:text=Employee
%20fraud%20is%20when%20an,third%20of%20all%20business%20bankruptcies.
Management fraud can be defined as a deliberate fraud committed by. a firm or company's
management that injures investors and creditors. through materially misleading financial
statements, or intentional or. egregious conduct whether by act or omission that leads to a
material. misstatement of financial statements.
The International Corporate Governance System pp 326–33 (2022). Palgrave Macmillan

Management Fraud. Retrieved March 18,2022, from
https://link.springer.com/chapter/10.1057/9781137360014_23?noAccess=true
50. Internal Auditing

Internal auditing is an independent, objective assurance and consulting activity designed to add
value and improve an organization's operations.
The Institute of Internal Auditors (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March
18,2022, from
https://www.theiia.org/en/about-us/about-internal-audit/#:~:text=Internal%20auditing%20is
%20an%20independent,and%20improve%20an%20organization's%20operations.
51. Accounting information system

An accounting information system (AIS) is a structure that a business uses to collect, store,
manage, process, retrieve, and report its financial data so it can be used by accountants,
consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators,
and tax agencies.
Amy Fontinelle (2022) Accounting Information Systems (AIS). Retrieved March 20, 2022, from
52. Financial Rehabilitation & Insolvency Act/FRIA

Republic Act No. 10142, or the Financial Rehabilitation and Insolvency Act (FRIA), was enacted to
“encourage debtors, both juridical and natural persons, and their creditors to collectively and
realistically resolve and adjust competing claims and property rights” and to “ensure a timely,
fair, transparent, effective and efficient rehabilitation or liquidation of debtors.”
Law Business Research (2020). Insolvency and rehabilitation in the Philippines during the covid-
19 pandemic. Retrieved March 20, 2022, from https://www.lexology.com/library/detail.aspx?
g=b31413b8-7101-489c-8ae6-6e10593ae17a
53. 2013 Rules of Procedures on Corporate Rehabilitation under the 2010 FRIA)
These Rules shall apply to petitions for rehabilitation of corporations, partnerships, and sole
proprietorships, filed pursuant to Republic Act No. 10142, otherwise known as the Financial
Rehabilitation and Insolvency Act (FRIA) of 2010.
Romeo Javier (2019). Financial Rehabilitation Rules of Procedure (2013). Retrieved March 20,
2022, from http://source.gosupra.com/docs/statute/918
54. Big "G" (macro) governance

“Big G Government” is the abstraction, concept or larger purpose. It’s the ideas, concepts and
purposes which those institutions were created to serve, which, if you’d like, you can think
about also an input (although that’s a not perfect comparison). This could be the idea, for
example, that governments should provide objective and fair mediation spaces based on
regional and national social values and legal principle to mitigate and resolve conflicts over
property between or among citizens.
Alextorpey (2016). The Art of Governance. Retrieved March 20, 2022, from
http://www.theartofgovernance.com/2016/06/13/dissecting-little-g-versus-big-g-government/
55. Corporate or little "g" governance

“Little g government,” represents the physical institutions, point of interaction or in a workflow
perspective the “output” of government, including laws, rules, employees, budgets meetings
and buildings. A court, which hears the case of one community member suing another over a
disagreement on property lines, is an example of “government.”
Well Kenton (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
http://www.theartofgovernance.com/2016/06/13/dissecting-little-g-versus-big-g-government/
56. Risk management

The process of identifying, assessing and controlling threats to an organization's capital and
earnings. These risks stem from a variety of sources including financial uncertainties, legal
liabilities, technology issues, strategic management errors, accidents and natural disasters.
Linda Tucci (2009). What is risk management and why is it important? Retrieved March 20,
2022, from https://searchcompliance.techtarget.com/definition/risk-management#:~:text=Risk
%20management%20is%20the%20process,errors%2C%20accidents%20and%20natural
%20disasters.
57. Management Succession

Succession management and succession planning aim to ensure that an organization has a
depth and breadth of talent suitable to its critical, company-specific objectives. Commitment to
succession management helps elevate leadership growth into a competitive business priority,
forecasting leadership scenarios of all kinds, gathering precise data about an organization’s
workforce and clientele, and propelling emerging leaders into new challenges that build the
necessary skills for success.
SpriggHR (2020). What is Succession Management? Retrieved March 20, 2022, from
https://sprigghr.com/blog/alignment-direction/7-key-steps-to-succession-management/
58. Corruption
A form of dishonesty or a criminal offense which is undertaken by a person or an organization
which is entrusted with a position of authority, in order to acquire illicit benefits or abuse power
for one's personal gain.
Transparency International (2020) WHAT IS CORRUPTION? Retrieved March 20, 2022, from
https://www.transparency.org/en/what-is-corruption
59. Economic cycles

The economic cycle is the fluctuating state of an economy from periods of economic expansion
and contraction. It is usually measured with the Gross Domestic Product (GDP) of a country or
region.
CFI Education Inc. (2015) What is the Economic Cycle? Retrieved March 20, 2022, from
https://corporatefinanceinstitute.com/resources/knowledge/economics/economic-cycle/
60. ENRON scandal & Bankruptcy

Enron scandal, series of events that resulted in the bankruptcy of the U.S. energy, commodities,
and services company Enron Corporation and the dissolution of Arthur Andersen LLP, which had
been one of the largest auditing and accounting companies in the world.
The collapse of Enron, which held more than $60 billion in assets, involved one of the biggest
bankruptcy filings in the history of the United States, and it generated much debate as well as
legislation designed to improve accounting standards and practices, with long-lasting
repercussions in the financial world.
Peter Bondarenko (2012). Enron Scandal. Retrieved March 20, 2022, from
https://www.britannica.com/event/Enron-scandal
61. Compliance
Compliance refers to the level of adherence an organization has to the standards, regulations
and best practices mandated by the business and by relevant governing bodies and laws.
TechTarget (2015). Governance, Risk Management and Compliance (GRC). Retrieved March 20,
2022, from https://searchcompliance.techtarget.com/definition/Governance-Risk-and-
Compliance-GRC#:~:text=Compliance%20refers%20to%20the%20level,relevant%20governing
%20bodies%20and%20laws.
62. Compliance Management System

A compliance management system (CMS) includes policies, procedures, processes, monitoring,
testing programs, and a compliance audit function concerning compliance with all applicable
laws and regulations. A compliance management system helps a company: understand its
compliance responsibilities.
A 2U, Inc. brand (2019). What is Compliance Management? Retrieved March 20, 2022, from
https://www.getsmarter.com/blog/career-advice/what-is-compliance-management/#:~:text=A
%20rigid%20approach%20usually%20entails,stance%20when%20there%20are%20violations.
63. Rigid Compliance Approach

A rigid approach usually entails little to no deviance from the rules put in place by compliance
management, and taking a tough stance when there are violations.
A 2U, Inc. brand (2019). What is Compliance Management? Retrieved March 20, 2022, from
https://www.getsmarter.com/blog/career-advice/what-is-compliance-management/#:~:text=A
%20rigid%20approach%20usually%20entails,stance%20when%20there%20are%20violations.
64. Assurance Providers
Assurance Provider means, at any time, either (i) the external auditors of the Issuer from time to
time appointed by the Issuer to audit the Issuer's financial statements; or (ii) an independent,
qualified assurance provider with relevant expertise to be appointed by the Issuer.
Law Insider Inc. (2013). Assurance Provider definition. Retrieved March 20, 2022, from
https://www.lawinsider.com/dictionary/assurance-provider#:~:text=Assurance%20Provider
%20means%2C%20at%20any,be%20appointed%20by%20the%20Issuer.
65. Business Continuity Plan

Business continuity planning involves developing a practical plan for how your business can
prepare for, and continue to operate after an incident or crisis. A business continuity plan will
help you to: identify and prevent or reduce risks where possible. prepare for risks that you can't
control.
The State of Queensland (1995). What is Business Continuity Plan? Retrieved March 20, 2022,
from https://www.business.qld.gov.au/running-business/protecting-business/risk-
management/continuity-planning#:~:text=Business%20continuity%20planning%20involves
%20developing,that%20you%20can't%20control
66. Governance according to IFAC

The International Framework: Good Governance in the Public Sector was jointly developed by
IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) to help improve and
encourage effective public sector governance.
International Federation of Accountants (2021). International Framework: Good Governance in

the Public Sector. Retrieved March 20, 2022, from
https://www.ifac.org/knowledge-gateway/contributing-global-economy/publications/
international-framework-good-governance-public-sector
67. Corporate Governance according to the Phil. SEC

Corporate governance is the system of stewardship and control to guide corporations in fulfilling
their long-term economic, moral, legal and social obligations towards their stakeholders16,
including, but not limited to, customers, employees, suppliers, shareholders, investors,
creditors, the community the company.
SEC- Securities and Exchange Commission (2020). What is SEC corporate governance? Retrieved
March 20, 2022, from
https://www.sec.gov.ph/wp-content/uploads/2020/06/2020Notice_CGRM-Drafts.pdf
68. Corporate Governance according to the International/European community definition

Establish a uniform code or set of rules for corporate governance, the EU has adopted a
principles-based comply-or-explain regime for member state–based corporate governance
codes. The EU approach is consistent with the evidence that shareholder intervention improves
economic performance.
European Union (2020) What approach to corporate governance has been adopted by the
European Union? Retrieved March 20, 2022, from
https://ec.europa.eu/newsroom/just/redirection/document/45773
69. Corporate Governance defined under the Fraud Deterrence Cycle perspective
A structure, as process, as policies, as mechanisms, but despite their differences of focus, they
mainly addressed the sustainable economic growth and protection of shareholders and other
stakeholder’s rights.
Ana Paula Paulino da Costa (2016). Corporate Governance and Fraud: Evolution and
Considerations. Retrieved March 20, 2022, from https://www.intechopen.com/chapters/55244
70. Enterprise Risk Management (ERM)

The process of identifying and addressing methodically the potential events that represent risks
to the achievement of strategic objectives, or to opportunities to gain competitive advantage.
Association of International Certified Professional Accountants (2013). What is Enterprise Risk

Management (ERM)? Retrieved March 20, 2022, from
https://www.cgma.org/resources/tools/essential-tools/enterpise-risk-management.html
71. Recommended Competences of Internal Auditors.

Communication skills, including oral communication, report writing, and presentation skills.
Problem-solving skills (i.e., conceptual and analytical thinking) Ability to promote the value of
internal audit among key employees within the organization.
Janis Mae Narvas (2021). 6 Skills You Need in Starting an Internal Audit Career. Retrieved March
20, 2022, from https://www.dvphilippines.com/blog/6-skills-you-need-in-starting-an-internal-
audit-career
72. The 2015 G20 OECD Principles of CG

The G20/OECD Principles of Corporate Governance are the international standard for corporate
governance. The principles help policy makers evaluate and improve the legal, regulatory and
institutional framework for corporate governance, with a view to supporting economic
efficiency, sustainable growth and financial stability.
Organization for Economic Co-operation and Development (2015). G20/OECD Principles of
Corporate Governance. Retrieved March 20, 2022, from
https://www.oecd.org/corporate/principles-corporate-governance/
73. The Board of Directors

A board of directors is essentially a panel of people who are elected to represent shareholders.
Every public company is legally required to install a board of directors; nonprofit organizations
and many private companies – while not required to – also name a board of directors.
CFI Education Inc. (2015). What is a Board of Directors? Retrieved March 20, 2022, from
https://corporatefinanceinstitute.com/resources/careers/jobs/board-of-directors/
74. Risk Committee

The Risk Committee (the “Committee”) is an independent committee of the Board of Directors
that has, as its sole and exclusive function, responsibility for the oversight of the risk
management policies and practices of the Corporation’s global operations and oversight of the
operation of the Corporation’s global risk management framework.
The Bank of New York Mellon Corp. (2022). General Purpose and Function of the Committee.
Retrieved March 20, 2022, from
https://www.bnymellon.com/us/en/investor-relations/corporate-governance/risk-
committee.html#:~:text=The%20Risk%20Committee%20(the%20%E2%80%9CCommittee,of
%20the%20Corporation's%20global%20risk
75. Rules-based code of ethics

An approach to ethics management wherein the morality of an action is judge based on rules.
When deviation from the code occurs, the organization takes corrective action.
EDGE Learning Media (2018). Rule-based ethics. Retrieved March 20, 2022, from
https://edgelearningmedia.com/2018/05/03/rule-based-ethics/#:~:text=An%20approach%20to
%20ethics%20management,the%20organisation%20takes%20corrective%20action.
76. Values-based codes of ethics

A values-based code of conduct helps to form an essential part of compliance culture, which is
led from the top, reinforced by middle management, and nurtured at the foundation. However,
you can have the best-written code of conduct out there, but if management isn’t consistent
with their messages, it sets a precedent that nobody else has to either and employees will lose
trust in the code they have helped to create.
SAI Global Compliance, Inc. (2022) How a Values-based Code of Conduct Can Help You Boost
Compliance, Productivity and Build a Culture of Integrity. Retrieved March 20, 2022, from
https://resources.sai360.com/blog/how-a-values-based-code-of-conduct-can-help-you-boost-
compliance-productivity-and-build-a-culture-of-integrity
77. Regulatory Compliance/statutory obligations

Regulatory obligations are required by law, but they are different from statutory requirements
in that these requirements refer to rules issued by a regulating body that is appointed by a state
or federal government. These are legal requirements through proxy, where the regulating body
is the source of the requirement.
Tripwire, Inc. (2022). Word Crimes Part 1 – Taking on Compliance: Statutory vs Regulatory vs
Contractual Compliance. Retrieved March 20, 2022, from https://www.tripwire.com/state-of-
security/regulatory-compliance/statutory-vs-regulatory-vs-contractual-compliance/
#:~:text=Regulatory%20obligations%20are%20required%20by,the%20source%20of%20the
%20requirement.
78. Internal Audit Department

Internal Audit is a department or an organization of people within a company that is tasked with
providing unbiased, independent reviews of systems, business organizations, and processes.
Isaac Clarke, CPA, CISA, CISSP (2020) What is Internal Audit? Retrieved March 20, 2022, from
https://linfordco.com/blog/what-is-internal-audit/#:~:text=Internal%20Audit%20is%20a
%20department,%2C%20business%20organizations%2C%20and%20processes.
79. Corporate Governance Charter

The Charter sets out the main aspects of a company's corporate governance, such as its
governance structure, the internal regulations of the Board of Directors, its committees, and the
Executive Committee, together with other important topics.
KBC Group (2020). Corporate governance charter. Retrieved March 20, 2022, from
https://www.kbc.com/en/corporate-governance/corporate-governance-
charter.html#:~:text=The%20Charter%20sets%20out%20the,together%20with%20other
%20important%20topics.
80. Stewardship
A steward is defined as someone who protects and takes care of the needs of others. Under the
stewardship theory, company executives protect the interests of the owners or shareholders
and make decisions on their behalf. Their sole objective is to create and maintain a successful
organization so the shareholders prosper.
Anita Flynn (2018). Stewardship Theory of Corporate Governance. Retrieved March 20, 2022,
from https://connect.springerpub.com/content/book/978-0-8261-3363-2/chapter/ch04
81. Risk
All investments involve some degree of risk. In finance, risk refers to the degree of uncertainty
and/or potential financial loss inherent in an investment decision. In general, as investment
risks rise, investors seek higher returns to compensate themselves for taking such risks.
SEC Investor Ed (2020). What is Risk? Retrieved March 20, 2022, from
https://www.investor.gov/introduction-investing/investing-basics/what-risk
82. Board of directors

The phrase “board of directors” often is used interchangeably with terms such as “board of
trustees,” “board of governors,” or simply “the board.” Regardless of the terminology, the board
of directors is a group of individuals either elected or appointed to provide organizational
leadership and oversight.
Passageways (2022). What Is a Board of Directors, Its Structure, Roles, and Responsibilities.
Retrieved March 20, 2022, from https://www.onboardmeetings.com/blog/board-director-
structure-roles-responsibilities/
83. Non-Audit work

Non-audit services are any professional services provided by a qualified public accountant
during the period of an audit engagement which are not connected to an audit or review of an
institution's financial statements.
Cornell Law School (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
https://www.law.cornell.edu/cfr/text/12/621.31#:~:text=Non%2Daudit%20services%20are
%20any,an%20institution's%20financial%20statements.
84. Management
Management is the coordination and administration of tasks to achieve a goal. Such
administration activities include setting the organization’s strategy and coordinating the efforts
of staff to accomplish these objectives through the application of available resources.
Management can also refer to the seniority structure of staff members within an organization.
Indeed Editorial Team (2019). What Is Management? Definitions and Functions. Retrieved March
20, 2022, from https://www.indeed.com/career-advice/career-development/what-is-
management
85. Policies and Procedures

Thus, the implementation of policies and agreements approved by the Board on matters of
Corporate Governance require certain procedures, mechanisms or systems to function. All of
the aforementioned policies, protocols and respective procedures are herein contained in this
document called Compendium of Policies and Procedures on Corporate Governance (hereinafter
the "Compendium").
This Compendium contains the policies and procedures approved to implement the agreements
and practices that the Board of Aguas Andinas has voluntarily adopted concerning Corporate
Governance.
Aguas Andinas (2020). Corporate Governance Policies and Procedures Compendium. Retrieved
March 20, 2022, from https://www.aguasandinasinversionistas.cl/en/corporate-governance/
documents/corporate-governance-policies-procedures
86. Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add
value and improve an organization’s operations. It helps an organization accomplish its
objectives by bringing a systematic, disciplined approach to evaluate and improve the
effectiveness of risk management, control, and governance processes.
The Institute of Internal Auditors. (2020). What is Internal Audit? Retrieved March 20, 2022, from
https://www.theiia.org/en/about-us/about-internal-audit/
87. Internal Audit Department

The internal Audit Department is the independent department or non-operation department in
the organization set up by the board of directors and audit committee to perform internal audit
services in the company. It is part of the company risk management since part of the internal
auditor’s responsibility is also to assess how the risks of the company are assessed and managed
by the company.
The internal audit department is set up to perform the internal audit activities required by the
board of directors or the management of the company and as required by the local law and
regulator’s requirement.
Wikiaccounting (2020). What is Internal Audit Department? Retrieved March 20, 2022, from
https://www.wikiaccounting.com/what-is-internal-audit-department/
88. Business ethics

Business ethics is the application of ethical values to business behavior. Business ethics is
relevant both to the conduct of individuals and to the conduct of the organization as a whole. It
applies to any and all aspects of business conduct, from boardroom strategies and how
companies treat their employees and suppliers to sales techniques and accounting practices.
Institute of Business Ethics (2020 What is business ethics? Retrieved March 20, 2022, from
https://www.ibe.org.uk/knowledge-hub/what-is-business-ethics.html
89. Forensic
Collecting trace evidence from scenes of crime or accidents and recording findings. analyzing
samples such as hair, body fluids, glass, paint and drugs in the laboratory. applying various
techniques as appropriate; e.g. DNA profiling, mass spectrometry, chromatography.
ENFSI (2015). What is the role of a forensic? Retrieved March 20, 2022, from
https://enfsi.eu/agenda/forensic-governance-course/

Management fraud can be defined as a deliberate fraud committed by. a firm or company's
management that injures investors and creditors. through materially misleading financial
statements, or intentional or. egregious conduct whether by act or omission that leads to a
material. misstatement of financial statements.
Felix I. Lessambo (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
https://link.springer.com/chapter/10.1057/9781137360014_23?noAccess=true
91. Employee fraud

Employee fraud is when an employee knowingly lies, deceives or steals from a company with
the intent to obtain benefits or compensation of some type. The U.S. Department of Commerce
reported that employee theft is responsible for one-third of all business bankruptcies.
e California Consumer Privacy Act, CCPA (2020). EMPLOYEE FRAUD - A GROWING EPIDEMIC.
Retrieved March 20, 2022, from https://www.definitiveinsurance.com/research-center-
employee-fraud#:~:text=Employee%20fraud%20is%20when%20an,third%20of%20all
%20business%20bankruptcies.
92. Economic extortion

The economics of extortion refer to the cost of extortion in terms of the stagnation of the
Mexican economy. An economy of scale refers to the long-term benefits of reducing the median
cost of a product as the production scale increases. For example, a company can benefit from
investing in more equipment in order to increase production and obtain greater benefits.
Levinson, Marc, La Caja (2020). The Economics of Extortion: Ideas to Leverage the Digital
Revolution. Retrieved March 20, 2022, from
https://www.impunidadcero.org/uploads/app/articulo/101/contenido/1549916113C65.pdf
93. Bribery
A criminal and corrupt practice where an entity offers something of value to a corporate or
public official in exchange for their cooperation in influencing a decision-making process,
committing or allowing fraud against the official’s organization, or otherwise violating their
official duties.
GAN Integrity Inc. (2020). What is Bribery? Retrieved March 20, 2022, from
https://www.ganintegrity.com/compliance-glossary/bribery/
94. Board Balance Scorecard

The term balanced scorecard (BSC) refers to a strategic management performance metric used
to identify and improve various internal business functions and their resulting external
outcomes. Used to measure and provide feedback to organizations, balanced scorecards are
common among companies in the United States, the United Kingdom, Japan, and Europe.
Evan Tarver (2020 What Is a Balanced Scorecard (BSC)? Retrieved March 20, 2022, from
https://www.investopedia.com/terms/b/balancedscorecard.asp
95. Individual integrity

Integrity is the foundation on which coworkers build relationships and trust, and it is one of the
fundamental values that employers seek in the employees that they hire. To have integrity
means that a person is self-aware, accountable, responsible, and truthful and that their actions
are internally consistent.
Susan Healthfield (20201 What Is Integrity? Retrieved March 20, 2022, from
https://www.thebalancecareers.com/what-is-integrity-really-1917676
96. Oversight
Oversight refers to the actions taken to review and monitor public sector organizations and their
policies, plans, programs, and projects, to ensure that they are achieving expected results,
represent good value for money; and are in compliance with applicable policies, laws,
regulations, and ethical standards.
Canadian Audit & Accountability Foundation (2020) What Is Oversight and How Does it Relate to
Governance? Retrieved March 20, 2022, from https://www.caaf-fcar.ca/en/oversight-concepts-
and-context/what-is-oversight-and-how-does-it-relate-to-governance
97. Documentation
High quality governance documentation aligned to leading governance practice is a fundamental
component of the actions and decisions of an organization. Assists boards to review and
improve their existing governance documentation or to develop this essential documentation
for the first time to ensure that documentation is meeting the needs of the board and
organization.
Effective Governance (2020 Documentation Review | Effective Governance. Retrieved March 20,
2022, from https://www.effectivegovernance.com.au/page/expertise/services/board-
performance-and-conformance/documentation-review
98. Fraud audit

A fraud audit is a detailed examination of the financial records of a business, with the intent of
finding instances of fraud. This procedure is more detailed than a normal audit, since some
types of fraud involve such small amounts of money and other assets that they might fall below
the standard materiality threshold. The task of the auditor is to gather evidence regarding a
fraud, which may also result in acting as an expert witness during subsequent legal proceedings.
Matteo Tonello (2020). What is a Fraud Audit? Retrieved March 20, 2022, from
https://www.accountingtools.com/articles/fraud-audit
99. Separation of Chair and CEO

In the most common argument based on agency theory, the separation of the chair and CEO
roles increases the board’s independence from management and thus leads to better
monitoring and oversight. Because the CEO manages the company and the chair leads the board
in overseeing (hiring, compensating, and replacing as necessary) the CEO on behalf of
shareholders, holders of this view see a conflict of interest if one person occupies both the CEO
and chair roles.
The President and Fellows of Harvard College. (2020). A Recent Trend toward Separating the
Roles of Board Chair and CEO. Retrieved March 20, 2022, from
100. Fiduciary Duty of Care

The duty of care is a fiduciary duty requiring directors and/or officers of a corporation to make
decisions that pursue the corporation’s interests with reasonable diligence and prudence. This
fiduciary duty is owed by directors and officers to the corporation, not the corporation’s
stakeholders or broader society.
Wex Definition Team (2020 Duty of Care. Retrieved March 20, 2022, from
https://www.law.cornell.edu/wex/duty_of_care#:~:text=The%20duty%20of%20care
%20is,corporation's%20stakeholders%20or%20broader%20society.
101. High quality earnings

High-quality earnings are persistent, recurring earnings that are generated from the core
operations of a company. And it is this idea of ‘core’ where the fun and games begin. The
classification of earnings is subjective, and so there is scope to inflate core earnings by shifting
non-core (such as one-off gains from the sale of property) into core earnings.
Jack Brumby (2020). Identifying high-quality earnings. Retrieved March 20, 2022, from
https://www.stockopedia.com/blog/identifying-high-quality-earnings-478461/
102. International Federation of Accountants

The International Federation of Accountants (IFAC) is the global organization for the
accountancy profession. The global financial crisis, sovereign debt crisis, and economic
downturn have all magnified the importance of the accountancy profession’s—and, therefore,
IFAC’s—role in the development of strong and sustainable organizations, financial markets, and
economies.
International Federation of Accountants (2020). WHAT IS IFAC? Retrieved March 20, 2022, from
https://www.ifac.org/system/files/callouts/IFAC%20Build%20Sustainable-Final%207-26-13.pdf
103. Organization for Economic Co-Operation and Dev

The Organization for Economic Co-operation and Development (OECD) is a unique forum where
the governments of 37 democracies with market-based economies collaborate to develop policy
standards to promote sustainable economic growth.
Well Kenton (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
https://www.state.gov/the-organization-for-economic-co-operation-and-development-oecd/
#:~:text=Share-,The%20Organization%20for%20Economic%20Co%2Doperation%20and
%20Development%20(OECD),to%20promote%20sustainable%20economic%20growth.
104. Low integrity

A person who lacks integrity will make decisions based on how it will make them look rather
than how it will benefit others. They look at their actions as a performance to be rated for
approval rather than a step toward doing the right thing for the community.
LaRae Quy (2020). What is low integrity? Retrieved March 20, 2022, from
https://www.theladders.com/career-advice/the-best-way-to-detect-lack-of-integrity-in-others
105. Forensic CPAs

Forensic accountants inhabit a cloak and dagger corner of the accounting world. Their job:
respond at a moment’s notice when a client spots trouble – anything from procurement fraud to
a top executive cooking the books to industrial espionage.
Justin Pope (2020). What is a Forensic Accountant? Retrieved March 20, 2022, from
https://www.fcpas.org/about-us/what-is-a-forensic-accountant/
106. Corporate and Criminal fraud Accountability

The Act details criminal penalties for securities fraud and protects employees-turned
whistleblower of publicly traded companies from retaliatory actions by their employers.
Compliance Online (2020). Corporate and Criminal Fraud Accountability Act – Overview and
Summary of Requirements. Retrieved March 20, 2022, from
https://www.complianceonline.com/corporate-and-criminal-fraud-accountability-act-overview-
and-summary-of-requirements-12610-prdad#:~:text=Sections%20801%20to
%20807%20of,retaliatory%20actions%20by%20their%20employers.
107. Forensic Accountants

A forensic accountant uses accounting and analytical skills to investigate financial transactions of
a person or business. They are often relied upon as experts in legal cases that deal with financial
fraud or embezzlement.
National University (2020). How to Become a Forensic Accountant. Retrieved March 20, 2022,
from https://www.nu.edu/resources/how-to-become-a-forensic-accountant/

In business, a corporate raid is the process of buying a large stake in a corporation and then
using shareholder voting rights to require the company to undertake novel measures designed
to increase the share value, generally in opposition to the desires and practices of the
corporation's current management. The measures might include replacing top executives,
downsizing operations, or liquidating the company.
Trehan, R. (2006). Corporate raid. Retrieved March 20, 2022, from

https://en.wikipedia.org/wiki/Corporate_raid
109. Fraud Business

Business fraud consists of dishonest and illegal activities perpetrated by individuals or
companies in order to provide an advantageous financial outcome to those persons or
establishments. Also known as corporate fraud, these schemes often appear under the guise of
legitimate business practices.
Federal Bureau of Investigation (2020). Business Fraud. Retrieved March 20, 2022, from
https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/business-fraud
110. Fraud triangle

The fraud triangle is a framework commonly used in auditing to explain the reason behind an
individual’s decision to commit fraud. The fraud triangle outlines three components that
contribute to increasing the risk of fraud: (1) opportunity, (2) incentive, and (3) rationalization.
CFI Education Inc. (2015). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
https://corporatefinanceinstitute.com/resources/knowledge/accounting/fraud-triangle/
111. Business Continuity Plan

Business continuity planning involves developing a practical plan for how your business can
prepare for, and continue to operate after an incident or crisis. Preparing a business continuity
plan will help your business recover more effectively if an incident does happen. You may not be
able to predict every kind of incident that could threaten your business, but you can develop a
plan that covers a range of incidents (e.g. natural disasters, computer problems, staffing issues).
The State of Queensland (1995). What is Business Continuity Plan? Retrieved March 20, 2022,
from https://www.business.qld.gov.au/running-business/protecting-business/risk-
management/continuity-planning#:~:text=Business%20continuity%20planning%20involves
%20developing,that%20you%20can't%20control
112. Three-tier security checks

A client is defined as a requester of services and a server is defined as the provider Thus three-
tier client/server applications employ an intermediary or middle-tier application systems as the
business logic and services such as security, persistence, services (including check-in and check-
out, version control, and security.
Anonymous (2011). Three Tier Security Checks Definition. Retrieved March 18,2022, from
https://www.pdfprof.com/PDF_Image.php?idt=109258&t=40
113. Corporate integrity

Corporate integrity is defined as a state or condition in which the objectives of the managers
and the shareholders of a corporation are undivided and complete. The compensation of the
managers and the shareholders is selected as a subset of the objectives.
Dirk G. Baur (2008). Corporate Integrity. Retrieved March 20, 2022, from
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1259947#:~:text=Corporate%20integrity
%20is%20defined%20as,a%20subset%20of%20the%20objectives.
114. High integrity

Having a high degree of integrity at work means that: You are trustworthy and reliable. You
practice and encourage open and honest communication. You are responsible for your actions.
Michael Page (2021). What is integrity in the workplace? Retrieved March 20, 2022, from
https://www.michaelpage.com.au/advice/career-advice/productivity-and-performance/what-
integrity-workplace
115. Corporate Development Officer (CDO)

A chief development officer (CDO) is an executive-level employee at a business or non-profit. As
a CDO, your job duties include overseeing the financial stability, fundraising, or growth of the
organization. You maintain close communication with internal executive officers, such as the
CEO and CFO, advising them on strategies to improve donor relations or increase revenue while
providing input for yearly budgets and other financial issues.
ZipRecruiter, Inc. (2020). What Is a Chief Development Officer and How to Become One.
Retrieved March 20, 2022, from https://www.ziprecruiter.com/Career/Chief-Development-
Officer/What-Is-How-to-Become
116. Corporate Information Officer (CIO)

The chief information officer (CIO) oversees the people, processes and technologies within a
company's IT organization to ensure they deliver outcomes that support the goals of the
business.
Gartner, Inc. (2022). Chief Information Officer (CIO). Retrieved March 20, 2022, from
https://www.gartner.com/en/information-technology/glossary/cio-chief-information-
officer#:~:text=The%20chief%20information%20officer%20(CIO,the%20goals%20of%20the
%20business.
117. Chief Risk Officer (CRO)

A chief risk officer (CRO) is an executive in charge of managing risks to the company. It is a senior
position that requires years of prior relevant experience. The role of the chief risk officer is
constantly evolving as technologies and business practices change.
Adam Hayes (2021) Chief Risk Officer (CRO). Retrieved March 20, 2022, from
https://www.investopedia.com/terms/c/chief-risk-officer-cro.asp#:~:text=A%20chief%20risk
%20officer%20(CRO)%20is%20an%20executive%20in%20charge,technologies%20and
%20business%20practices%20change.
118. Functions/responsibilities of the CRO

The CRO is in charge of operations, sales, corporate development, marketing, pricing, and
revenue management. Their main aim is to sell each product to generate the most revenue
possible to the most relevant audience.
Northwest Executive Education (2014 CRO - Chief Revenue Officer - Roles & Responsibilities.
Retrieved March 20, 2022, from https://northwest.education/insights/executive-leadership/cro-
chief-revenue-officer-roles responsibilities/#:~:text=The%20CRO%20is%20in%20charge,of
%20marketing%20and%20advertising%20investments.
119. Functions/responsibilities of the CDO

The CDO plays more of a risk, compliance, policy management, and business role. It serves to
drive information and analytics strategy, serving a business purpose. CIOs should be involved in
designing the role, which may report to them or function in a parallel position reporting to the
COO or CFO.
Tom McCall (2015). Understanding the Chief Data Officer Role. Retrieved March 20, 2022, from
https://www.gartner.com/smarterwithgartner/understanding-the-chief-data-officer-role
120. Functions/responsibilities of the CFO

The CFO’s responsibilities include, but aren’t limited to, building a top-notch finance and
accounting team, ensuring revenues and expenses stay in balance, overseeing FP&A (financial
planning & analysis) functions, making recommendations on mergers and acquisitions, obtaining
funding, working with department heads to analyze financial data and craft budgets, attesting to
the accuracy of reports and consulting with boards of directors and the CEO on strategy.
Rami Ali (2021). Chief Financial Officer (CFO) Defined: Role, Responsibilities and Skills. Retrieved
March 20, 2022, from https://www.netsuite.com/portal/resource/articles/accounting/chief-
financial-officer-cfo.shtml#:~:text=The%20CFO's%20responsibilities%20include%2C
%20but,working%20with%20department%20heads%20to
121. Chief Internal Auditor (CIA)

The role of the chief internal auditor is to monitor and verify the adequacy, effectiveness and
correct operation of the internal audit system. Chief Internal Auditor (CIA) is a strategic
management role responsible for the overall functioning of the Internal Audit Department so
that the audit, risk, and compliance streams fulfil the purpose, role and responsibilities as
established.
Via Giulio Vincenzo Bona (2020). What is CIA?. Retrieved March 20, 2022, from
https://www.webuildgroup.com/en/governance/internal-control/chief-internal-auditor
122. Functions/responsibilities of the CIA

The Head of Internal Audit provides leadership in the strategic planning and daily operations of
Internal Audit of the HCT system and its functional units. Areas of oversight may include
operations, management, financial and compliance, capital and operational budgeting; financial
reporting and analysis; internal audit programs; and business operations analysis.
The incumbent advises senior management on internal audit operations, financial operations,
performs financial and management information reporting analyses, and conducts business
operations analysis and ensures that relevant programs are successfully implemented
throughout the system. The Head develops effecting working relationships with key external
stakeholders. The Head is also the primary communication point for the external auditors
including the State Audit. The Internal Auditor formally reports to the Governing Council.
Higher Colleges of Technology (2018). Chief Internal Auditor. Retrieved March 20, 2022, from
https://recruit.hct.ac.ae/webforms/ViewJobDetail.aspx?j=36606
123. Chief Compliance Officer (CCO)

The Chief Compliance Officer, one of the most important members of the management team, is
primarily responsible for overseeing compliance within an organization, and ensuring
compliance with laws, regulatory requirements, policies, and procedures.
George Lekatis (2020). The Chief Compliance Officer (CCO). Retrieved March 20, 2022, from
https://www.chief-compliance-officer.org/
124. Functions/responsibilities of the CCO

Chief compliance officers (CCOs) are responsible for designing, implementing and monitoring
the processes by which the company will comply with all applicable laws and regulations. This
frees general counsel (GC) to take a more strategic legal and risk-tolerance approach.
Gartner, Inc. (2020). Leadership Vision for 2022: Chief Compliance Officer. Retrieved March 20,
2022, from https://www.gartner.com/en/legal-compliance/role/new-to-role-chief-compliance-
officers
125. Chief Governance Officer (CGO)

The Chief Governance Officer (CGO) is a senior vice executive reporting to the CEO, who is
tasked with directing the people, business processes, and systems needed to enable sustainable
growth.
Sophelle Newsletter (2020). Chief Governance Officer (CGO). Retrieved March 20, 2022, from
https://www.sophelle.com/retail-glossary/chief-governance-officer-cgo/
126. Responsibilities of the CGO

The CGO is a governance facilitator who, at a glance, ensures the effective delivery of strategic
governance, legal and regulatory compliance, record management and public/government
relations of the organization.
Compliance Week (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved March 20, 2022, from
https://www.complianceweek.com/defining-the-role-of-the-chief-governance-officer/
7894.article
127. The Bernie Madoff Case
There is the issue of the opaque and secretive nature of hedge funds. Critics say opacity caused
the Madoff crisis. When Bernard Madoff started his investment company, Bernard L. Madoff
Investment Securities, LLC, he conducted business honestly. Around the early 1990s, he
stopped trading and started fabricating returns. He issued false statements. A friend whose
accounting office was in a strip mall verified these statements.
Madoff sold to his clients the idea of combining blue chip securities with derivatives to hedge
risk. He provided investors with solid and steady returns even in down markets. He claimed his
strategies were too difficult for investors to understand.
Paul Volker (2011). Transparency and Disclosure: The Bernie Madoff Case. Retrieved March 20,
2022, from https://sevenpillarsinstitute.org/case-studies/disclosure-the-bernie-madoff-case/
128. Ponzi Scheme

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from
new investors. Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised
investors a 50% return within a few months for what he claimed was an investment in
international mail coupons.
U.S. Securities and Exchange Commission (2020). Sarbanes-Oxley (SOX) Act of 2002. Retrieved
March 20, 2022, from
https://www.investor.gov/introduction-investing/investing-basics/glossary/ponzi-
schemes#:~:text=A%20Ponzi%20scheme%20is%20an,investment%20in%20international%20mail
%20coupons.
129. WorldCom Accounting Scandal

Founded initially as a small company named Long Distance Discount Services in 1983, it merged
with Advantage Companies Inc to eventually become WorldCom Inc, naming its CEO as Bernard
Ebbers. WorldCom achieved its position as a significant player in the telecommunications
industry through the successful completion of 65 acquisitions spending almost $60 billion
between 1991 and 1997, whilst also accumulating $41 billion in debt. During the Internet boom
WorldCom’s stock rose from pennies per share to over $60 a share as ‘Wall Street investment
banks, analysts and brokers began to discover WorldCom’s value and made “strong buy
recommendations” to investors.’ During the 1990’s WorldCom evolved into the ‘second-largest
long distance phone company in the US’ mainly due to its aggressive acquisition strategy.
MBA Knowledge Base (2021). Case Study: WorldCom Accounting Scandal. Retrieved March 20,
2022, from https://www.mbaknol.com/business-ethics/case-study-worldcom-accounting-
scandal/
130. Three Key Elements of Integrity

Integrity can have a different meaning to each individual and a slightly different interpretation
for each professional industry. For many, integrity is incorruptibility, completeness, and
communication. Firstly, Incorruptibility has been an important part of our profession. To prevent
unethical practices, an individual must understand what ethics are. Secondly, Completeness can
be satisfied by having a general framework to follow. As with many industries, the accounting
industry has rules and regulations that must be followed, especially with the presentation of
financial statements. Lastly, Communication is an important aspect of our integrity. Technology
changes continually, and the accounting profession has seen astronomical changes in recent
years.
Yeo & Yeo. (2022). Why the Three Key Elements of Integrity are Critical for Your Accountant.
Retrieved March 20, 2022, from https://www.yeoandyeo.com/resource/why-the-three-key-
elements-of-integrity-are-critical-for-your-accountant#:~:text=For%20many%2C%20integrity
%20is%20incorruptibility,accountants%20provide%20for%20their%20clients%3F
131. Ethical Obligations

Ethical obligations are a set of “ought to” standards that define a moral course of action and
draw a line between right and wrong. Although ethical obligations in business share similarities
with legal rules and regulations in determining how a business conducts itself while striving to
make a profit and achieve strategic company goals, ethical obligations are really more about
discretionary decisions and value-guided behavior.
Jackie Lohrey (2021). Ethical Obligations in Business. Retrieved March 20, 2022, from
https://smallbusiness.chron.com/ethical-obligations-business-70715.html
132. Code of Ethics in Auditing

The Code of Ethics states the principles and expectations governing the behavior of individuals
and organizations in the conduct of internal auditing. It describes the minimum requirements for
conduct and behavioral expectations rather than specific activities.
The Institute of Internal Auditors. (2021). Introduction to the Code of Ethics. Retrieved March 20,
2022, from https://www.theiia.org/en/standards/what-are-the-standards/mandatory-
guidance/code-of-ethics/#:~:text=The%20Code%20of%20Ethics%20states,expectations
%20rather%20than%20specific%20activities.
133. Audit Committee Responsibilities

The primary purpose of a company's audit committee is to provide oversight of the financial
reporting process, the audit process, the company's system of internal controls and compliance
with laws and regulations.
CFA Institute. (2021 133. Audit Committee Responsibilities. Retrieved March 28, 2022,
from https://www.cfainstitute.org/en/advocacy/issues/audit-committee-role-
practices#:~:text=Overview,compliance%20with%20laws%20and%20regulations.
134. Purposes/Intent of Internal Control

Internal controls are intended to prevent errors and irregularities, identify problems and ensure
that corrective action is taken. In many cases, process owners within your department perform
controls and interact with the control structure on a daily basis, sometimes without even
realizing it because controls are built into operations.
The Regents of the University (2021). Internal Controls. Retrieved March 28, 2022, from
https://audit.ucsf.edu/internal-controls#:~:text=Internal%20controls%20are%20intended
%20to,that%20corrective%20action%20is%20taken.
135. Integrity, accountability and fraud (internal control mechanisms in CG)

Internal controls are the mechanisms, rules, and procedures implemented by a company to
ensure the integrity of financial and accounting information, promote accountability, and
prevent fraud. Common corporate governance mechanisms include a board of directors,
internal controls, balancing power, and compensation. A corporate governance statement can
be used to limit abuse of power by the company's board of directors.
Osmand Vitez (2022). What are the Different Kinds of Corporate Governance Mechanisms?
Retrieved March 28, 2022, from https://www.wise-geek.com/what-are-the-different-kinds-of-
corporate-governance-mechanisms.htm
136. Duties of an Internal Auditor

Monitoring, analyzing and assessing the risks and controls of the organization. Reviewing the
organization's compliance with state and federal policies and laws. Making reassurances and
recommendations to the organization or company's owners or governing boards.
Anthony Jones (2021). How Do Internal Audits Work? Retrieved March 28, 2022, from
https://www.ispartnersllc.com/blog/how-do-internal-audits-work/
137. Determinants of effective Internal audit system

The determinants of the internal audit examined have included a wide range of factors, such as
the complexity of the firm, board composition, audit committee activity, risk management
(Goodwin-Stewart & Kent, 2006), management control (Wallace & Kreutzfeldt, 1991), industry,
external audit fee, solvency (Carcello et al., 2005), profitability, and liquidity (Wallace &
Kreutzfeldt, 1991; Carcello et al., 2005). However, prior discussion has disregarded the influence
of corporate ownership structure on the use of internal audit.
Mikko Paananen, et. al (2017). Exploring the determinants of internal audit: Evidence from
ownership structure. Retrieved March 28, 2022, from
https://onlinelibrary.wiley.com/doi/10.1111/ijau.12102#:~:text=The%20determinants%20of
%20the%20internal%20audit%20examined%20have%20included%20a,fee%2C%20solvency
%20(Carcello%20et%20al
138. Objective Areas of COSO (operations, reporting, & compliance)

Operations – Are the controls that your organization has put into place been properly designed
and are they operating effectively? Your clients are relying on those controls as you deliver your
services to them. Are your organization’s operation procedures efficient? Are your operational
and financial performance goals realistic? Do you safeguard assets against risk and loss? The
operations objective is meant to focus on the effectiveness and efficiency of operations.
Reporting – Are your reports reliable, timely, and transparent? What reports do your clients rely
upon? Meeting the reporting objective is vital to meeting your clients’ goals and your obligations
to them.
Compliance – Which laws and regulations apply to you? The compliance objective ensures that
you remain in compliance with the standards and regulations that your clients care about.
Joseph Kirkpatrick (2018). Understanding Your SOC 1 Report: The 3 Objectives of COSO. Retrieved
March 28, 2022, from https://kirkpatrickprice.com/video/understanding-soc-1-report-3-
objectives-coso/
139. SOX Compliance and Security Controls

SOX provides the framework that companies need to follow to be better stewards of their
financial records, which in turn improves many other aspects of the company. SOX compliant
companies report that their financials are more predictable, which makes stockholders happy.
Companies also report that they have easier access to capital markets due to their improved
financial reporting.
By implementing SOX, companies are safer from cyberattack and the expensive, embarrassing
aftermath of a data breach. Data breaches are expensive to manage and clean up, and
companies might never recover the damage to their brand.
Jeff Petters (2019). What is SOX Compliance? Everything You Need to Know in 2019. Retrieved
March 28, 2022, from https://www.varonis.com/blog/sox-compliance
140. Fraud audit
Fraud in audits is when an entity is found to have illegally altered financial statements to
manipulate its financial health or to hide profit or losses. It is severely punished since fraud
undermines the trust that is the bedrock of the global financial system.
CFI Education Inc. (2015). Fraud in Audits. Retrieved March 28, 2022, from
https://corporatefinanceinstitute.com/resources/knowledge/accounting/fraud-audit/
141. Fraud investigation

Fraud investigations are used to expose a fraudulent offence and to punish the perpetrator for
this deceitful and illegal act. Fraud investigations are necessary to ensure the correct individual
is punished, and to ensure that the victim of fraud is offered justice.
Morgan Rennie (2022). What is Fraud Investigation? Retrieved March 28, 2022, from
https://www.delta-net.com/compliance/fraud-awareness/faqs/what-is-fraud-investigation
142. Standing Plans

A standing plan is a business plan that is intended to be used many times. It is designed to guide
managerial decisions and actions that tend to be recurring. It is used over a long period,
sometimes indefinitely, and is altered as circumstances change.
John Palmer (2019). Define Single Use and Standing Plans for Business. Retrieved March 28,
2022, from https://smallbusiness.chron.com/define-single-use-standing-plans-business-
12445.html
143. Single-Use Plans

Single-use plans are also known as 'specific plans' since their objective is to solve a particular
problem. These plans are formulated to handle a non-repetitive and unique problem. Such
single-use plans cannot be used repeatedly since they become useless after they have achieved
their objective.
Haygot Technologies, Ltd. (2021). Types of Plans: Single-use and Standing Plans. Retrieved
March 28, 2022, from https://www.toppr.com/guides/fundamentals-of-economics-and-
management/planning/types-of-plans-single-use-and-standing-plans/#:~:text=Single%2DUse
%20Plan,-These%20plans%20are&text=Single%2Duse%20plans%20are%20also,they%20have
%20achieved%20their%20objective.
144. Strategic Planning

Strategic planning is a process in which organizational leaders determine their vision for the
future as well as identify their goals and objectives for the organization. The process also
includes establishing the sequence in which those goals should fall so that the organization is
enabled to reach its stated vision.
Mary K. Pratt (2021). The strategic planning framework and committee. Retrieved March 28,
2022, from https://www.techtarget.com/searchcio/definition/strategic-
planning#:~:text=Strategic%20planning%20is%20a%20process,to%20reach%20its%20stated
%20vision.
145. Strat Planning Process

The strategic planning process are the steps that you go through as an organization to
determine: the direction of your organization (Vision) Watch: How to Start the Vision Planning
Process. what you're going to do and for whom (Mission) how to measure it and guide your
strategy to get to where you want to be (Goals)
Anthony Taylor (2016). What is the Strategic Planning Process? Retrieved March 28, 2022, from
https://www.smestrategy.net/blog/what-is-the-strategic-planning-process#:~:text=The
%20strategic%20planning%20process%20are,you%20want%20to%20be%20(Goals)
146. Phases of BCP

A BCP is a comprehensive plan for the continuation of critical business operations after a
disaster. Critical means essential. The purpose of the plan is to minimize decision-making during
an incident and makes recovery more effective. According to a study by Touche Ross, companies
without a BCP have a survival rate of less than 10%. Yet it is estimated only 35% of small
businesses have a BCP. The Five Phases of Developing and Maintaining a Business Continuity
Plan: Initiation, Business Impact Analysis (BIA), Develop Recovery Strategies, Implementation,
and Rest and Monitor.
Mark Webb (2021). Planning for the Unthinkable: The 5 Phases of a Business Continuity Plan.
Retrieved March 28, 2022, from https://bks-partners.com/articles/5-phases-of-a-business-
continuity-plan/
147. Direct Responsibilities of Management

Managers are most often responsible for a particular function or department within the
organization. The manager acts as a bridge from senior management for translating higher-level
strategies and goals into operating plans that drive the business. In that position, the manager is
accountable to senior executives for performance and to front-line employees for guidance,
motivation, and support. It is common for managers to feel as if they are pulled between the
demands of top leaders and the needs of the individuals performing the work of the firm.
F. JOHN REH (2021). The Role and Responsibilities of a Manager. Retrieved March 28, 2022, from
https://www.thebalancecareers.com/what-is-a-manager-2276096
148. Indirect Responsibilities of Management

Their indirect responsibilities include interacting with those managers in other functional areas
within the organization whose roles have an impact on operations. Such areas include
marketing, finance, accounting, personnel and engineering.
Royal Charter (2021). The role of the operations manager. Retrieved March 28, 2022, from
https://www.open.edu/openlearn/money-business/leadership-management/understanding-
operations-management/content-section-2.3#:~:text=Their%20indirect%20responsibilities
%20include%20interacting,%2C%20accounting%2C%20personnel%20and%20engineering.
149. Three Vital Internal Compliance Instruments

In order to have a successful corporate compliance program, there must be standards and
controls that ensure compliance by every employee. There are three vital internal compliance
instruments that achieve this: a Code of Conduct, standards and policies and specified
compliance procedures.
Priori Legal, Inc. (2021). Corporate Compliance. Retrieved March 28, 2022, from
https://www.priorilegal.com/resources/additional-resources/additional-legal-topics/corporate-
compliance
150. Planning, Organizing, staffing, leading & control

According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to
control”. Whereas Luther Gullick has given a keyword ’POSDCORB’ where P stands for Planning,
O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for
Budgeting. But the most widely accepted are functions of management given by KOONTZ and
O’DONNEL i.e. Planning, Organizing, Staffing, Directing and Controlling.
Management Study Guide Privacy Policy (2021). Definition of Coordination. Retrieved March 28,
2022, from https://www.managementstudyguide.com/management_functions.htm
151. People, Performance, Process & Process (4Ps of CG)151. Five functions of Governance
Corporate governance is a complex beast. Even those of us who have built their careers in fields
where governance is a necessity might not fully understand everything it encompasses. That’s
why many governance experts break it down into four simple words: People, Purpose, Process,
and Performance.
- People come first in the Four Ps because people exist on every side of the business
equation. They are the founders, the board, the stakeholder and consumer and
impartial observer.
- Purpose is the next step. Every piece of governance exists for a purpose and to achieve
a purpose. The ‘for’ is the guiding principles of the organization. Their mission
statements. Every one of their policies and projects should exist to further this agenda.
- Governance is the process by which people achieve their company’s purpose, and that
process is developed by analyzing performance. Processes are refined over time in order
to consistently achieve their purpose, and it’s always smart to take a critical eye to your
governance processes.
- Performance analysis is a key skill in any industry. The ability to look at the results of a
process and determine whether it was successful (or successful enough), and then apply
those findings to the rest of your organization, is one of the primary functions of the
governance process.
Process PA Team (2020 The Four Ps of Corporate Governance. Retrieved March 29, 2022, from
https://processpa.com/ExecutiveMatters/the-four-ps-of-corporate-governance
152. Dilemmas in the Accounting Profession

Common ethical dilemmas should be considered and guarded against before problems arise. For
example, ethical dilemmas for CPAs may include work involving two-party transactions, conflicts
of interest, pro-bono work, and confidentiality agreements.
The McGowan Companies (2019). What are the common ethical dilemmas faced by professional
accountants? Retrieved March 29, 2022, from https://mcgowanprograms.com/blog/how-to-
deal-with-ethical-dilemmas-as-an-accountant%EF%BB%BF/
153. External Audit

An external audit is an examination that is conducted by an independent accountant. This type
of audit is most commonly intended to result in a certification of the financial statements of an
entity. This certification is required by certain investors and lenders, and for all publicly-held
businesses.
AccountingTools (2017). External Audit. Retrieved March 29, 2022, from
https://accountingtools.com/articles/2017/5/6/external-audit#:~:text=An%20external%20audit
%20is%20an,for%20all%20publicly-held%20businesses.
154. Operational Audit

An operational audit refers to a method of examining how an organization conducts business. It
requires analyzing the processes, procedures and systems used within the company. This type of
audit looks beyond the organization's financial circumstances and examines its management
practices.
Jackie Lohrey (2021). Guide To Operational Auditing: Definition, Process, Advantages and
Disadvantages. Retrieved March 29, 2022, from https://indeed.com/career-advice/career-
development/operational-auditing#:~:text=An%20operational%20audit%20refers%20to,and
%20examines%20its%20management%20practices.
155. Financial Audit

A financial audit is an objective examination and evaluation of the financial statements of an
organization to make sure that the financial records are a fair and accurate representation of the
transactions they claim to represent.
Alicia Tuovila (2020). Audit. Retrieved March 29, 2022, from

https://www.investopedia.com/terms/a/audit.asp#:~:text=A%20financial%20audit%20is
%20an,transactions%20they%20claim%20to%20represent.
156. Compliance Audit

A compliance audit is a comprehensive review of an organization's adherence to regulatory
guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations,
security policies, user access controls and risk management procedures over the course of a
compliance audit.
Kassidy Kelley, (2021). What is Compliance Audit? Retrieved March 29, 2022, from
https://searchcompliance.techtarget.com/definition/compliance-audit#:~:text=A%20compliance
%20audit%20is%20a,course%20of%20a%20compliance%20audit.
157. Management Audit

A management audit is an assessment of how well an organization's management team is
applying its strategies and resources. A management audit evaluates whether the management
team is working in the interests of shareholders, employees, and the company's reputation.
CAROLINE BANTON (2021). What Is a Management Audit? Retrieved March 29, 2022, from
https://www.investopedia.com/terms/m/management-audit.asp#:~:text=A%20management
%20audit%20is%20an%20assessment%20of%20how%20well%20an,employees%2C%20and
%20the%20company's%20reputation.
158. Investigative Audit

Investigative auditors gather evidence regarding fraudulent or abusive activity affecting
governmental entities. Their audits are designed to detect and deter the misappropriation of
public assets and to reduce future fraud risks.
Michael J. Waguespack (2021). Investigative Audit Services. Retrieved March 29, 2022, from
https://lla.la.gov/audit-services/investigative-audit/#:~:text=Investigative%20auditors
%20gather%20evidence%20regarding,to%20reduce%20future%20fraud%20risks.
159. IT Audit
An IT audit is the examination and evaluation of an organization's information technology
infrastructure, policies and operations. Information technology audits determine whether IT
controls protect corporate assets, ensure data integrity and are aligned with the business's
overall goals.
Ben Cole, (2021). IT audit (information technology audit). Retrieved March 29, 2022, from
https://searchcompliance.techtarget.com/definition/IT-audit-information-technology-
audit#:~:text=An%20IT%20audit%20is%20the,with%20the%20business's%20overall%20goals.
160. KPIs (Key Performance Indicators)

Key Performance Indicators (KPIs) are the critical (key) indicators of progress toward an
intended result. KPIs provides a focus for strategic and operational improvement, create an
analytical basis for decision making and help focus attention on what matters most. As Peter
Drucker famously said, “What gets measured gets done.”
Jackie Lohrey (2021). What is a Key Performance Indicator (KPI)? Retrieved March 29, 2022,
from https://kpi.org/KPI-Basics
161. KRAS (Key Result Areas)

Key result areas (KRAs) broadly define the job profile for the employee and enable them to have
better clarity of their role. KRAs should be well-defined, quantifiable, and easy to measure. It
also helps employees to align their role with that of the organization.
KPI (2021). Definition of 'Key Result Areas. Retrieved March 30, 2022, from
https://m.economictimes.com/definition/key-result-areas?from=desktop#:~:text=Definition%3A
%20Key%20result%20areas%20or,8%25%20of%20a%20work%20role.
162. Mark-to-Market Accounting Method

Mark to market is an accounting practice that involves adjusting the value of an asset to reflect
its value as determined by current market conditions. The market value is determined based on
what a company would get for the asset if it was sold at that point in time.
Alicia Tuovila (2021). What Is Mark to Market (MTM)? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/m/marktomarket.asp#:~:text=Mark%20to%20market
%20is%20an,at%20that%20point%20in%20time.

A corporate raider is an investor who buys a large number of shares in a corporation whose
assets appear to be undervalued. The large share purchase would give the corporate raider
significant voting rights, which could then be used to push changes in the company's leadership
and management. This would increase share value and thus generate a massive return for the
raider.
Will Kenton (2021). What Is a Corporate Raider? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/c/corporate-raider.asp
164. Corporate and Criminal Fraud Accountability

Corporate and Criminal Fraud Accountability Act of 2002 - Amends the Federal criminal code to
prohibit: (1) any person from knowingly destroying, altering, concealing, or falsifying records
with the intent to obstruct or influence an investigation in a matter in Federal jurisdiction or in
bankruptcy; and (2) an accountant who conducts an audit of an issuer of securities from failing
to maintain all audit or review work papers for a five-year period. Directs the Securities and
Exchange Commission to promulgate regulations regarding the retention by such an accountant
of audit records that contain conclusions, opinions, analyses, or financial data.
Sen. Leahy, Patrick J. (2002). S.2010 - Corporate and Criminal Fraud Accountability Act of 2002.
Retrieved March 30, 2022, from
https://www.congress.gov/bill/107th-congress/senate-bill/2010#:~:text=Corporate%20and
%20Criminal%20Fraud%20Accountability%20Act%20of%202002%20%2D%20Amends
%20the,bankruptcy%3B%20and%20(2)%20an
165. Executive Director

An executive director is the senior operating officer or manager of an organization or
corporation, usually at a nonprofit. Similar in many ways to the CEO role in a for-profit
corporation, executive directors are responsible for steering the organization and managing its
operations.
Lucas Downey (2020). What Is an Executive Director? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/e/executive-director.asp#:~:text=Key%20Takeaways-,An
%20executive%20director%20is%20the%20senior%20operating%20officer%20or
%20manager,organization%20and%20managing%20its%20operations.
166. Non-Executive Director

A non-executive director is a member of a company's board of directors who is not part of the
executive team. A non-executive director typically does not engage in the day-to-day
management of the organization but is involved in policymaking and planning exercises.
Ada, Barone (2020). What Is a Non-Executive Director? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/n/non-executive-director.asp
167. Independent Director

An independent outside director is a member of a company's board of directors (BoD) that the
company brought in from outside (as opposed to an inside director chosen from within the
organization).
James Chen (2021). What Is an Independent Outside Director? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/i/independent-outside-director.asp
168. Articles of Incorporation

Articles of incorporation are a set of formal documents filed with a government body to legally
document the creation of a corporation. Articles of incorporation generally contain pertinent
information, such as the firm’s name, street address, agent for service of process, and the
amount and type of stock to be issued.
Will Kenton (2020). What Are the Articles of Incorporation? Retrieved March 30, 2022, from
https://www.investopedia.com/terms/a/articlesofincorporation.asp
169. By-Laws
The bylaws of a corporation are the governing rules by which the corporation operates. When a
corporation is formed, the first act of the board of directors must be to create the bylaws, which
is a single document encompassing all the rules.
Jean Murray (2020). What Are Bylaws? Retrieved March 30, 2022, from
https://www.thebalancesmb.com/what-are-bylaws-for-a-corporation-398148
170. Board Resolution
A Board Resolution is a formal document that helps to identify the roles of corporate offices and
the result of any votes or decisions the board makes regarding the company. Usually, they are
written when a new member is voted into the board.
Rocket Lawyer Incorporated. (2021). What Is a Board Resolution? Retrieved March 30, 2022,
from https://www.rocketlawyer.com/business-and-contracts/business-operations/corporate-
records/legal-guide/what-is-a-board-resolution#:~:text=A%20Board%20Resolution%20is%20a,is
%20voted%20into%20the%20board.

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1.

ASSOCIATION OF BC PROFESSIONAL FORESTERS (2000). Professional

ACCA “Corporate Reporting-Course notes” (2011). OBJECTIVITY IN CORPORATE GOVERNANCE.

11. Corrective problem

12. Progressive problem

13. Opportunistic problem

14. Business planning

Amanda Athuraliya (2019). What is Reengineering? Retrieved March 18,2022, from

18. Board Balance Scorecard

19. Audit Committee

20. Three Tier security checks

21. Rules-based code of ethics

22. Policy on Accountability, Integrity and Vigilance

23. Marketing research

DemandJump (2020 What is marketing research? Retrieved March 18,2022, from

24. Strategic management

25. Project feasibility study

26. Appraisal of accounting system

Mandalika (2020). What is appraisal in accounting? Retrieved March 18,2022, from

27. Managerial accounting

Vidhya Krishnan (2020). Managerial Accounting – Definition, Objective, Techniques &

28. Business recovery

29. Dispute analysis and investigation

PricewaterhouseCoopers International Limited (2017). Dispute Analysis & Investigations - DA&I.

30. Forensic accounting

31. Fraud audit

AccountingTools (2022). What is a Fraud Audit? Retrieved March 18,2022, from

IBE-UNESCO (2022) Concept of Governance. Retrieved March 18,2022, from

34. Code of Ethics

Betterteam (2021). Code of Ethics. Retrieved March 18,2022, from

36. Risk assessment

FEMA (2021) Risk Assessment. Retrieved March 18,2022, from

37. Internal Control

38. Internal Audit

40. Conflict of interest

Dirk G. Baur (2008). Corporate Integrity. Retrieved March 18,2022, from

42. Trust Index

43. Values-based code of ethics

44. Financial Accounting Information Governance

Robert M. Bushman (2001). Financial Accounting Information and Corporate Governance.

45. COSO Framework (Committee of Sponsoring Organizations of the Treadway Commission)

The Committee of Sponsoring Organizations of the Treadway Commission. (1985). COSO

46. Components of COSO

47. SOX (Sarbanes-Oxley Act)

48. Employee Fraud

The International Corporate Governance System pp 326–33 (2022). Palgrave Macmillan

50. Internal Auditing

51. Accounting information system

52. Financial Rehabilitation & Insolvency Act/FRIA

54. Big "G" (macro) governance

55. Corporate or little "g" governance

56. Risk management

57. Management Succession

59. Economic cycles

60. ENRON scandal & Bankruptcy

62. Compliance Management System

63. Rigid Compliance Approach

65. Business Continuity Plan

66. Governance according to IFAC

International Federation of Accountants (2021). International Framework: Good Governance in

67. Corporate Governance according to the Phil. SEC

68. Corporate Governance according to the International/European community definition

70. Enterprise Risk Management (ERM)