ACC3GRM Governance - Ethics And Risk Management: Corporate Governance

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ACC3GRM Governance, Ethics And Risk Management

Question

Answered

Questions:

1.

Approaches to defining and conceptualising corporate governance vary around the globe.

Three prominent definitions offered by institutions include:

The ASX Corporate Governance Council (ASX CGC) definition

The National Association of Company Directors (NACD) definition

The Organisation for Economic Co-operation and Development (OECD) definition

These three definitions each focus on a different context, namely: Australia (ASX CGC), the United States (NACD) and internationally (OECD).

Required:

What are the differences and similarities between the above-mentioned definitions of corporate governance? Are these definitions consistent with any theoretical perspectives? Your answer must be written in your own words.

2.

Different theoretical perspectives can help to give different explanations concerning the role of the board of directors in a corporation.

Required:

From the perspective of resource dependency theory, explain why companies need a board of directors. Your answer must be written in your own words.

3.

The audit committee can play an important role in the corporate governance practices of an organisation. One of the most important functions of the audit committee has been their involvement in the selection and appointment of an external auditor. They commonly play an active role in this process via recommendations to the board of directors.

Required:

There are generally seen to be two key advantages associated with having an audit committee involved in the selection and appointment of an external auditor. In your own words, explain these two advantages.

4.

Daniel and Jessica are a married couple who live in the eastern suburbs of Melbourne and both work at a mid-tier accounting practice. After experiencing recurrent state-wide lockdowns throughout 2020-21, they decide that they want to quit their office jobs and try something different. They ultimately decide that they would like to relocate and open a winery in Mount Macedon, a small town located north-west of Melbourne. Daniel and Jessica realise that their business may be successful, or it may fail.

Required:

What type of risk is present when either a profit or loss could occur? Briefly explain this risk and provide an example (other than the above case of a business). Your answer must be written in your own words.

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