MULTIPLE CHOICE

84 of 90 points

An unethical practice wherein one of the parties does not exactly know what he is giving
away or receiving in return. Some significant information is not being told.
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a. Passive deception
b. Deliberate withholding of information

c. Caveat emptor
d. Over-persuasion

Be principled, honorable, upright, courageous and act on convictions; do not be

twofaced or unscrupulous, or adopt an end-justifies-the means philosophy that ignores
principle
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a. Honesty
b. Integrity

c. Loyalty (Fidelity) and Confidentiality

d. Trustworthiness and Promise Keeping

Managers should
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a. Recognize that his subordinates have a right to information on matter affecting them, and
make provision for its prompt communication unless such communication is likely to undermine
the security and efficiency of the business
b. Fully evaluate the likely effects on employees and the community of the business plans for
the future before taking a final decision
c. Cooperate with his colleagues and not attempt to secure personal advantage at their expense
d. All of the above
The major representative of stockholders to ensure that the organization is run
according to the organization’s charter and that there is proper accountability.
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a. Shareholders
b. Board of Directors

c. Non-executive/Independent Directors
d. Management

Which of the following is considered an ethical dilemma?

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a. Deciding whether to have a salad or sandwich for lunch
b. Choosing between finding the owner of a lost diamond ring or keeping it for you

c. Selecting a vacation destination

d. None of the above

Principle 1 to 8 discusses about the

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a. Disclosure and Transparency
b. Internal Control System and Risk Management Framework
c. The Board’s Governance Responsibilities

d. Cultivating a Synergic Relationship with Shareholders

Good governance means that processes and institutions produce results that the needs
of society while making the best use of resources at their disposal.
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a. Effectiveness and efficiency

b. Equity and Inclusiveness

c. Responsiveness
d. Rule of Law
Examples of direct misrepresentation about the product include the following except
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a. Adulteration
b. Short merging
c. Short measurement
d. Over persuasion

Examples of direct misrepresentation about the product include the following except
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a. False advertising
b. Deceptive packaging
c. Mislabeling
d. Caveat emptor

Specific Principle of Professional Conduct according to the Code of Good Governance

for the Profession in the Philippines (E.O. No. 220, June 23, 2003) includes,
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a. Integrity and Objectivity
b. Professional Competence

c. Solidarity and Teamwork

d. Service to others

Statement I: Sustainability reporting includes voluntary corporate disclosures about

sustainability initiatives, plans and associated outcomes.
Statement II: The terms non-financial reporting, corporate social responsibility reporting,
and triple bottom-line reporting are each sustainability-related terms.
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a. Only Statement I is true
b. Only Statement II is true
c. Both Statements are true
d. Neither of the Statements are true

The governing body elected by the stockholders that exercises the corporate powers of
a corporation, conducts all its business and controls its properties.
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a. Board of Reagents
b. Board of Directors

c. Management
d. Conglomerate

Some unethical practices of Executive Officers and Lower Level Managers includes,
except
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a. Claiming a vacation trip to be a business trip
b. Conflict of interests

c. Having employees do work unrelated to the business

d. Loose or ineffective controls

It can be defined broadly as a set of moral principles or values that govern the actions
and decisions of an individual or group
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a. Corporate Governance
b. Ethical Dilemma
c. Ethics

d. Governance

Statement I: The Board should ensure that a robust Enterprise Risk Management
(ERM) framework is established and maintained.

Statement II: The Board should have a formalized Board Charter.

Which Statement is a recommendation on Establishing Clear Roles and Responsibilities
of the Board?
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a. Statement I only
b. Statement II only

c. Both Statements
d. None of the Statements

The measuring stick or standard is shorter than the real length or smaller in volume than
the standard. This unethical practice is found in selling situations where the price of the
product depends on its length such as selling clothe or textiles, electric cords or wires or
on its volume such as selling rice by the sack.
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a. Weight understatement or short weighing
b. Quantity understatement or short numbering
c. Deceptive packaging
d. Measurement understatement or short measurement

The CRO has the following functions, among others

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a. Suggests ERM policies and related guidance, as may be needed

b. Establishing a risk register with clearly defined, prioritized and residual risks
c. Performs compliance audit of relevant laws, rules and regulations, contractual obligations and
other commitments, which could have a significant impact on the organization
d. Evaluating and categorizing each identified risk using the company’s predefined risk
categories and parameters

A business has an economic impact on society through the wages it pays to its
employees, the materials that it buys from their suppliers and the prices it charges it
customers.
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a. Economic Impact

b. Social Impact
c. Environmental Impact
d. Impact on Business Managers

1. What is the six steps in resolving ethical dilemma

I. Determine who is affected by the outcome of the dilemma and how each
person or group is affected

II. Decide the appropriate action

III. Identify the likely consequences of each alternative

IV. Obtain relevant facts

V. Identify the alternatives available to the person who must resolve the dilemma

VI. Identify the ethical issues from the facts

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a. IV, I, VI, III, V, II
b. IV, VI, I, V, III, II

c. IV, V, III, VI, I, II

d. IV, III, V, I, VI, II
e. IV, II, I, V, VI, III

Good governance requires that institutions and processes try to serve the needs of all
stakeholders within a reasonable timeframe.
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a. Responsiveness

b. Equity and Inclusiveness

c. Rule of Law
d. Participation
This means freedom of association and expression on one hand and an organized civil
society on the other hand.
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a. Rule of Law
b. Participation

c. Accountability
d. Equity

The risk management function involves the following activities, among others, except
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a. Establishing a risk register with clearly defined, prioritized and residual risks
b. Developing a risk mitigation plan for the most important risk of the company, as defined by
the risk management strategy
c. Communicating and reporting significant risk exposures including business risks (i.e.
strategic, compliance, operational, financial and reputational risks), control issues and risk
mitigation plan to the Board Risk Oversight Committee
d. Performs compliance audit of relevant laws, rules and regulations, contractual obligations and
other commitments, which could have a significant impact on the organization

It is a situation a person faces in which a decision must be made about the appropriate
behavior
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a. Conflict of interest
b. Dishonesty
c. Ethical dilemma

d. Corruption

Unfair labor practices includes, except

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a. To interfere with, restrain or coerce with employees in the exercise of their right to self-
organization
b. To require as a condition of employment that a person or an employee shall not join a labor
organization or shall withdraw from one to Which he belongs
c. To initiate, dominate, assist or otherwise in with the formation or administration of any labor
organization, including the giving of financial or other support to it
d. None of the above

Based on the personal values and standards of each person engaged in business
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a. Business Ethics

b. Professional Ethics
c. Code of Ethics
d. Ethical Standards

Perform audits of companies for compliance with company policies and laws, audits to
evaluate efficiency of operations, and periodic evaluation of test controls.
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a. External Auditors
b. Internal Auditors

c. Regulators
d. Board of Directors

Principles of Personal Ethics include among others, except

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a. Concern for the right of others
b. Professional competence

c. Concern for the well-being on welfare of others

d. Benevolence, trustworthiness, honesty

These are the special purposes of business ethics, except

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a. To make businessmen realize that they cannot employ double standards to the actions of
other people and to their own actions
b. To help business and would-be business to determine what business practices are right and
what are wrong

c. To serve as a standard or ideal upon which business conduct should be based

d. To show businessmen that common practices which they have thought to be right because
they see other businessmen doing it, are really wrong

In this unethical practice, the seller gives the customer less than the number asked for
or paid for.
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a. Weight understatement or short weighing
b. Quantity understatement or short numbering

c. Deceptive packaging
d. Measurement understatement or short measurement

A group of corporations that has diversified business activities in varied industries,

whereby operations of such businesses are controlled and managed by a parent
corporate entity.
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a. Group of Companies
b. Organization
c. Business Central
d. Conglomerate

Specific activities includes to understand the organization, its business, its operating
environment, and its financial position; to apply expertise and skills in the organization’s
best interests; and to assist management to keep performance objectives at the top of
its agenda.
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a. Shareholders
b. Board of Directors
c. Non-executive/Independent Directors
d. Management

Business that implement good environmental policies to use energy more efficiently,
reduce waste and in general lighten their environmental footprint can reduce their
internal costs and promote a positive image of their company.
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a. Economic Impact
b. Social Impact
c. Environmental Impact

d. Impact on Business Managers

Establishing a Competent Board includes recommendations such as

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a. The Board should consist of a majority of non-executive directors.

b. The Board should oversee and approve the company’s business objective and strategy,
ensuring they are effectively implemented to maintain long-term viability and strength.
c. The Board should be headed by a competent and qualified Chairperson.
d. The Board should implement and oversee an effective succession planning program for
directors, key officers, and management. This should include establishing a retirement age
policy to ensure continuity, growth, and increased shareholder value.

It is business ignorance because the businessman is unable to provide the customer

with the complete information that the latter needs to make fair decision.
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a. Passive deception

b. Deliberate withholding of information

c. Caveat emptor
d. Over-persuasion

Managers should
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a. Acknowledge that his role is to serve the business enterprise and the community
b. Avoid all abuse of executive power for personal gain, advantage or prestige
c. Both a and b

d. Neither a or b

It is an unethical practice of debasing a pure or genuine commodity by imitating or

counterfeiting it, by adding something to increase its bulk or volume, or by substituting
an inferior product for a superior one for the purpose of profit or gain
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a. Adulteration

b. Weight understatement or short weighing

c. Quantity understatement or short numbering
d. Deceptive packaging

It is a misrepresentation characterized by omitting adverse or favorable information

about the product or service.
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a. False misrepresentation
b. Direct misrepresentation
c. Indirect misrepresentation

d. Asset misrepresentation

This contributes to the ethical climate of society. If business offer bribes to secure work
or other benefits engage in accounting fraud or breach regulatory and legal limitations
on their operations, the ethics of society suffer.
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a. Economic Impact
b. Social Impact

c. Environmental Impact
d. Impact on Business Managers
Every professional shall remain open to challenges of a more dynamic interconnected
world.
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a. Professional Competence
b. Service to Others
c. Global Competitiveness

d. Equality to All Professions

Managers should
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a. Reveal the fact to his superior whenever his personal business of financial interests conflict
with those of the company
b. Be actively concerned with the difficulties and problems of subordinates, treat them fairly and
by example, lead them effectively, assuring to all the right of reasonable access and appeal to
superiors

c. Both a and b
d. Neither a or b

The following are the functions of the internal audit , among others except
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a. Establishes a risk-based internal audit plan, including policies and procedures, to determine
the priorities of the internal audit activity, consistent with the organization’s goals
b. Provides an independent risk-based assurance service to the Board, Audit Committee and
Management, focusing on reviewing the effectiveness of the governance and control processes
in (1) promoting the right values and ethics, (2) ensuring effective performance management
and accounting in the organization, (3) communicating risk and control information, and (4)
coordinating the activities and information among the Board, external and internal auditors and
Management.
c. Performs regular and special audit as contained in the annual audit plan and/or based on the
company’s risk assessment.

d. Performs consulting and advisory services related to governance and control as appropriate
for the organization
Ensures that all its members feel that they have a stake in it and do not feel excluded
from the mainstream society.
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a. Responsiveness
b. Equity and Inclusiveness

c. Rule of Law
d. Participation

A group of executives given the authority by the Board of Directors to implement the
policies it has laid down in the conduct of the business of the corporation.
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a. Executive Directors
b. Management

c. Internal Auditors
d. External Auditors

Conflicts of interests arises when an employee who is duty bound to protect and
promote the interests of his employer violates this obligation by getting himself into a
situation where his decision or actuation is influenced by what he can gain personally
from it rather than what his employer can gain from it. Some examples includes,
except,
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a. The employee accepts cash, a gift or a lavish entertainment or a loan from a supplier,
customer, competitor or contractor.
b. The employee uses or discloses confidential company information for his or someone else’s
personal gain.
c. Padding an expense account through the use of fake receipts when claiming reimbursements

d. The employee uses for his own benefit a business opportunity in which his employer has or
might be expected to have an interest

These are the various choices available when confronted with a situation where moral
principles conflict
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a. Consequences
b. Alternative actions

c. Ethical dilemma
d. Conflict of interest

Approving annual financial reports and other public documents are specific
responsibilities of *
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a. Management
b. Board of directors

c. Shareholders
d. Employees

The following are the responsibilities of a CAE, among others except

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a. Periodically reviews the internal audit charter and presents it to senior management and the
Board Audit Committee for approval
b. Establishes a risk-based internal audit plan, including policies and procedures, to determine
the priorities of the internal audit activity, consistent with the organization’s goals
c. Monitors and evaluates governance processes

d. Communicates the internal audit activity’s plans, resource requirements and impact of
resource limitations, as well as significant interim changes, to senior management and the Audit
Committee for review and approval

The following are the functions of the internal audit , among others except
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a. Performs compliance audit of relevant laws, rules and regulations, contractual obligations and
other commitments, which could have a significant impact on the organization
b. Reports periodically to the Audit Committee on the internal audit activity’s performance
relative to its plan

c. Reviews, audits and assesses the efficiency and effectiveness of the internal control system
of all areas of the company
d. Evaluates operations or programs to ascertain whether results are consistent with established
objectives and goals, and whether the operations or programs are being carried out as planned.

Advertisements with pictures or statements that convey exaggerated impression of the

product’s reliability or quality is an example of
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a. Misbranding or mislabeling
b. Adulteration
c. False or misleading advertisement

d. Deceptive packaging

The Securities and Exchange Commission approved the code of Corporate Governance
on
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a. November 10, 2006
b. November 10, 2016

c. November 11, 2006

d. November 11, 2016

Interlocking directorship can be committed by

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a. Rank and File employee
b. Members of the board of directors

c. Top executive officers

d. Middle-level manage

Refers to the potential outcome to arise from choosing different courses of action when
faced with conflicting moral imperatives
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a. Ethical dilemma
b. Diversity
c. Consequences

d. Conflict of interest

All except one is a recommendation on Establishing a Competent Board.

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a. The Board should have directors with collective knowledge and experience relevant to the
company’s industry or sector.
b. The Corporate Secretary should be distinct from the Compliance Officer and not a Board
member.
c. The Board should maintain and disclose a clear and formal board nomination and election
policy in its Corporate Governance Manual.

d. The Compliance Officer should be a Senior Vice President or equivalent, with sufficient
authority.

Operations and accountability. Manage the organization effectively; provide accurate

and timely reports to shareholders and the stakeholders.
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a. Shareholders
b. Board of Directors
c. Non-executive/Independent Directors
d. Management

Provide oversight of the internal and external audit function and process of preparing
the annual financial statement s as well as public reports on internal control.
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a. Management
b. Audit Committees of the Board of Directors

c. Regulators
d. External Auditors

It means that decisions taken and their enforcement are done in a manner that follows
rules and regulations. It means information is freely available and directly accessible to
those who will be affected by such decisions and their enforcement.
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a. Consensus Oriented
b. Participation
c. Equity and Inclusiveness
d. Transparency

Principles of Business Ethics include among others, except

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a. Global as well as domestic justice
b. Basic justice, fairness

c. Social responsibility
d. Concern for environment

Some unethical practices of the Board of Directors includes, except

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a. Plain Graft
b. Interlocking Directorship
c. Sexual Harassment

d. Negligence of duty

Good governance requires fair legal frameworks that are enforced impartially. It also
requires full protection of human rights, particularly those of minorities.
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a. Responsiveness
b. Equity and Inclusiveness
c. Rule of Law

d. Participation
Code of Good Governance for the Profession in the Philippines
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a. E.O. No. 220, July 23, 2003
b. E.O. No. 222, June 23, 2003
c. E.O. No. 220, June 23, 2003

d. E.O. No. 222, July 23, 2003

Any individual, organization or society at large who can either affect and/or be affected
by the company’s strategies, policies, business decisions and operations, in general.
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a. Management
b. Non-Executive Director
c. Stakeholders

d. Executive Directors

It is defined as the system of rules, practices and processes by which business

corporations are directed and controlled.
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a. Local governance
b. National Governance
c. Private Governance
d. Corporate Governance

It is the key cornerstone of good governance. It could be either direct or through

legitimate institutions or representatives.
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a. Rule of Law
b. Transparency
c. Participation

d. Responsiveness
It is a key requirement of good governance. Not only governmental institutions but also
the private sector and civil society organizations must be accountable to the public and
to their institutional stakeholders.
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a. Consensus Oriented
b. Participation
c. Equity and Inclusiveness
d. Accountability

It is a direct misrepresentation wherein the practice of making false statements on the

label of a product or making a container similar to a well-known product for the purpose
of deceiving the customer as to the quantity and/or quantity of a product being sold.
*
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a. Deceptive packaging
b. Misbranding or mislabeling

c. False or misleading advertisement

d. Adulteration

Dishonesty includes, except

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a. The employee uses or discloses confidential company information for his or someone else’s
personal gain.

b. Taking office supplies home for personal use

c. Padding an expense account through the use of fake receipts when claiming reimbursements
d. Taking credit for another employee’s ideas

Conducts CPA Licensure Examinations, approves accounting principles and approves

auditing standards.
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a. External Auditors
b. Internal Auditors
c. Board of Accountancy

d. Board of Directors

The concepts and principles for the ethical conduct in business are relegated to the
managers of the business enterprise. Thus, although the manager is expected to act in
the best interest of the business, he cannot be expected to act in a manner that is
contrary to the law or to his conscience.
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a. Economic Impact
b. Social Impact
c. Environmental Impact
d. Impact on Business Managers

The practice of placing the product in containers of exaggerated sizes and misleading
shapes to give a false impression of its actual contents
*
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a. False or misleading advertisement
b. Adulteration
c. Deceptive packaging

d. Misbranding or mislabeling

Which of these is a factor that affects ethical and unethical behavior?

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a. Ethical dilemma

b. Diversity
c. Open communication
d. Teamwork

Be faithful and loyal to family, friends, employers, client and country; do not use or
disclose information learned in confidence; in a professional context, safeguard the
influences and conflicts of interest
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a. Honesty
b. Integrity
c. Loyalty (Fidelity) and Confidentiality

d. Trustworthiness and Promise Keeping

It refers to a process whereby element in the society wield power, authority and
influence and enact policies and decisions concerning public life and social upliftment.
*
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a. Decision-making
b. Governance

c. National Government
d. Local Government

The following are the responsibilities of a CAE, among others except

*
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a. Spearheads the performance of the internal audit activity to ensure it adds value to the
organization
b. Evaluates specific operations at the request of the Board or Management, as appropriate

c. Reports periodically to the Audit Committee on the internal audit activity’s performance
relative to its plan
d. Presents findings and recommendations to the Audit Committee and gives advice to senior
management and the Board on how to improve internal processes.

The risk management function involves the following activities, among others, except
*
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a. Defining a risk management strategy
b. Identifying and analyzing key risks exposure relating to economic, environmental, social and
governance (EESG) factors and the achievement of the organization’s strategic objectives
c. Evaluates operations or programs to ascertain whether results are consistent with established
objectives and goals, and whether the operations or programs are being carried out as planned.
d. Evaluating and categorizing each identified risk using the company’s predefined risk
categories and parameters

Perform audits of company financial statements to ensure that the statements are free
of material misstatements including misstatements that may be due to fraud.
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a. External Auditors

b. Internal Auditors
c. Securities and Exchange Commission
d. Board of Directors

Refers to standards of moral conduct, behavior and judgment in business. It involves

making the moral and right decisions while engaging in such business activities as
manufacturing and selling a product and providing a service to customer.
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a. Professional Ethics
b. Business Ethics

c. Personal Ethics
d. Ethical Dilemma

In increasing focus on non-financial and sustainability reporting,

Statement I: the company should ensure that the material and reportable non-financial
and sustainability issues are disclosed.
Statement II: the company should maintain a comprehensive and cost-efficient
communication channel is crucial for informed decision-making by investors,
stakeholders and other interested users.
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a. Only Statement I is true
b. Only Statement II is true
c. Both Statements are true

d. Neither of the Statements are true

Principles of Professional Ethics include among others, except
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a. Fair Competition

b. Confidentiality
c. Professional Behavior
d. Avoidance of potential or apparent conflict of interest

What is an ethical dilemma?

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a. An issue caused by not following guidelines
b. Conflict between what is right and what is wrong
c. Same as a professional dilemma
d. Moral conflict between values

The CRO has the following functions, among others, except

*
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a. Supervises the entire ERM process and spearheads the development, implementation,
maintenance and continuous improvement of ERM process and documentation
b. Communicating and reporting significant risk exposures including business risks (i.e.
strategic, compliance, operational, financial and reputational risks), control issues and risk
mitigation plan to the Board Risk Oversight Committee

c. Communicates the top risks and the status of implementation of risk management strategies
and action plans to the Board Risk Oversight Committee
d. Collaborates with the CEO in updating and making recommendation to the Board Risk
Oversight Committee

Principles under the Disclosure and Transparency includes

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a. The company should establish standards for the appropriate selection of an external auditor,
and exercise effective oversight of the same to strengthen the external auditor’s independence
and enhance audit quality.
b. To ensure integrity, transparency and proper governance in the conduct of its affairs, the
company should have a strong and effective internal control system and enterprise risk
management framework.
c. The rights to stakeholders established by law, by contractual relations and through voluntary
commitments must be respected. Where stakeholders’ right and/or interests are at stake,
stakeholders should have the opportunity to obtain prompt effective redress for the violation of
their rights.
d. Board of committees should be set up to the extent possible to support the effective
performance of the Board’s functions, particularly with the respect to audit, risk management,
related party transactions, and other key corporate governance concerns, such as nomination
and remuneration.

Under this concept, the seller is not obligated to reveal any defect in the product or
service he is selling. It is responsibility of the customer to determine for himself the
defects of the product
*
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a. Passive deception
b. Deliberate withholding of information
c. Caveat emptor

d. Over-persuasion

The modus operandi of sellers is to use two sets of scales one which gives the correct
weight and has been sealed by the authorities and another which looks identical but
registers more weight than the product
*
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a. Weight understatement or short weighing

b. Quantity understatement or short numbering

c. Deceptive packaging
d. Measurement understatement or short measurement

Management’s responsibility includes

*
1/1
a. Choose which accounting principle best portray the economic substance of company
transactions
b. Implement a system of internal control that assures completeness and accuracy in financial
reporting
c. Both a and b

d. Neither a and b

An indirect misrepresentation includes examples such as urging a customer to satisfy a

low priority need for merchandise, playing upon intense emotional agitation to convince
a person to buy, and convincing a person to buy what he does not need just because he
has the capacity or money to do so.
*
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a. Passive deception
b. Deliberate withholding of information
c. Caveat emptor
d. Over-persuasion

Provide effective oversight through election of board members, approval of major

initiatives such as buying or selling stock, annual reports on management
compensation, from the board.
*
1/1
a. Shareholders

b. Board of Directors
c. Non-executive/Independent Directors
d. Management

Principles of Personal Ethics include among others, except

*
1/1
a. Basic justice, fairness
b. Respect for the right of others
c. Integrity, impartiality, objectivity

d. Compliance with the law

Examples of indirect misrepresentation about the product include the following except
*
1/1
a. Caveat emptor
b. Deliberate withholding adverse information
c. Business ignorance
d. False advertising

Ensure the accuracy, timeliness, and fairness of public reporting of financial and other
information for public companies. Ensure the accuracy, timeliness, and fairness of
public reporting of financial and other information for public companies.
*
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a. Board of Accountancy
b. Securities and Exchange Commission

c. Bureau of Internal Revenue

d. Department of Budget and Management

Good governance requires meditation of the different interest in the society to reach a
broad consensus on what is the best interest in the whole community and how this can
be achieved.
*
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a. Rule of Law
b. Consensus Oriented

c. Participation
d. Responsiveness

Matching Type
10 of 10 points
Match the following terms with the correct definitions
*
Shareholders
Board of Directors
External Auditors
Audit Committee of the BOD
Internal Auditors
SEC
 BOA
Management
Score
Perform audits of companies for compliance with company policies and laws.
1/1

Set accounting and auditing standards dictating underlying financial reporting and auditing
concepts.
1/1

Provide oversight of the internal and external audit function and the process of preparing the
annual financial statements as well as public reports on internal control.
1/1

Audits to evaluate the efficiency of operations, and periodic evaluation and test of controls.
1/1

Ensure that accuracy, timeliness and fairness of public reporting of financial and other
information for public companies.
1/1

Provide effective oversight through election of board members, approval of major initiatives
such as buying and selling of stock, annual reports on management compensation, from the
board.
1/1

Set the expectations of audit quality and accounting quality.

1/1

Perform audits of company financial statements to ensure that the statements are free of
material misstatements including misstatements that may be due to fraud.
1/1

Recommend the strategic directions and translate the strategic plan into the operations of the
business.
1/1

Establish the organization’s vision, mission, values and ethical standards.

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Perform audits of companies for compliance with company policies and laws.
Set accounting and auditing standards dictating underlying financial reporting and auditing
concepts.
Provide oversight of the internal and external audit function and the process of preparing the
annual financial statements as well as public reports on internal control.
Audits to evaluate the efficiency of operations, and periodic evaluation and test of controls.
Ensure that accuracy, timeliness and fairness of public reporting of financial and other
information for public companies.
Provide effective oversight through election of board members, approval of major initiatives
such as buying and selling of stock, annual reports on management compensation, from the
board.
Set the expectations of audit quality and accounting quality.
Perform audits of company financial statements to ensure that the statements are free of
material misstatements including misstatements that may be due to fraud.
Recommend the strategic directions and translate the strategic plan into the operations of the
business.
Establish the organization’s vision, mission, values and ethical standards.
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