Elaisa Mae V.

Sebastian
BSACC-1 BLK 1

ACTIVITY -DO NOW TASK

Rank the following as to how you see yourself 5 years from now- 1 being the
highest rank you think you want and can be and 0 for the position you will never
be.
Position Rank
Stockholders 1

Directors 1

Managers 1

Employees 1

Creditors 0

Auditors 1
 Others (please specify)

Wherever you see yourself, your role is important. Based on the above activity,
why is Corporate Governance necessary for businesses. What are the
accountabilities of the above positions.?

Corporate governance is important because it establishes a set of rules and

practices that govern how a business operates and how it aligns the interests of
all its stakeholders. Good corporate governance promotes ethical business
practices, which in turn promotes financial viability. Any company's
shareholders have a responsibility to ensure that the company is well run and
managed. They do this by monitoring the company's performance and raising
objections or giving their approval to the company's management's actions.In
general, Board accountability is about taking responsibility for all of a
company's activities and presenting a fair, balanced, and understandable
assessment of an organization's position and prospects to stakeholders.The
employee accountability definition is the responsibility of employees to
complete the tasks assigned to them. Description. It is the creditor's
responsibility to obtain a court order and provide any information that will help
MEP secure payment. The creditor must respond to any changes in the court
order requested by the debtor and notify MEP of any changes in the creditor's
address and phone numbers. Accountability in auditing refers to management's
responsibility to shareholders for the resources entrusted to them. When
managers and directors are held accountable, it is clear in the financial reports
they prepare. Auditors play an important role in ensuring accountability.