ADVANCED AUDIT AND ASSURANCE
|
|
- Donald Gilmore
- 6 years ago
- Views:
Transcription
1 Copyright Reserved No. of Pages No. of Questions = 07 = 05 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA FINAL II EXAMINATION - DECEMBER 2009 ADVANCED AUDIT AND ASSURANCE Time allowed : 3 hours Marks : 100 marks Instructions to candidates: (1) (2) (3) Answer All questions. Begin each answer on a separate page. Submit all workings All answers should be in the English language, in the answer booklets provided. Question No. 01 EXCEL Furniture PLC ("Company", EXCEL Furniture ), a publicly traded company, manufactures and sells furniture. EXCEL Furniture specialises in office, factory and home furniture. The Company was founded in 1983 and is currently number 3 in the sale of furniture in terms of market share in Sri Lanka ( the market"). The company s head office is in Kandy and manufacturing operations are located in Kandy. EXCEL Furniture targets, which were approved by shareholders, are to increase: Sales by 10% per year for the next five years; and Increase Profit before Tax ("PBT") by 4% in EXCEL Furniture ambition and vision is to be the premier brand for furniture and to become number one in the market in the next five years. EXCEL Furniture long-term strategy includes strengthening the brand momentum by continuing to research and develop features for their most popular products. EXCEL Furniture would like to increase brand share by 1% per annum for the next five years and obtain 20% of the furniture market which is aligned to the goal of increasing sales by 10% per year for the next five years. EXCEL Furniture has been an audit client of your firm since 1989 and they have a 31 December year end. The company is considered an important audit and tax client of the audit firm. EXCEL Furniture product range includes all types of office furniture and home furniture. EXCEL Furniture continues to be one of several leading manufacturers of furniture. However, competition in the industry is intense and is based primarily on design, price, quality, and durability. In the last year, several new competitors including two listed entities have emerged. The key competitors include Furniture Trading Company (current market leader) and Furniture R Us (number two in the market.)
2 Both competitors sell their furniture through distribution chains and traditional store fronts as well as on-line. EXCEL Furniture does not sell its products on-line. The economy is currently in a phase of stagnation. The total furniture market volume is not expected to grow significantly in the next several years. Despite the impact to the industry, EXCEL Furniture as well as its competitors, still aim to increase sales volumes and are active in finding different ways to achieve this objective. In anticipation of the seasonality of furniture sales around the traditional holiday season, EXCEL Furniture increases its production in advance of the peak selling period, resulting in a corresponding build-up of inventory levels in the first three quarters of the year. Christmas sales represent a significant portion of total annual sales and usually start about 3 months before Christmas. Such sales end around 10th January. Seasonal shipping patterns result in significant peaks in accounts receivables in the third and fourth quarters of the year. Advertising and other marketing is done through traditional channels and is focused on different segments of the market. Related marketing costs follow the seasonality of sales with a peak in the last three months of the year. This year, EXCEL Furniture signed an exclusive licensing agreement with a popular reality TV show for a series of commercials, as part of the effort to increase brand recognition and ultimately sales. EXCEL Furniture source raw material and components for its furniture production are from domestic and overseas suppliers. Most of the overseas suppliers are from the Far East. There are valid signed contracts with all key suppliers to ensure reliable and timely supplies. Invoices are received in local and foreign currencies. EXCEL Furniture customer base consists primarily of large distribution companies that sell EXCEL Furniture products domestically and internationally. Many distributors have longstanding relationships with EXCEL Furniture. Sales to the distribution companies account for approximately 80% of EXCEL Furniture annual sales. EXCEL Furniture also sells to small independent furniture stores, which account for approximately 20% of sales. Most of these stores are small scale family owned entities and are located island-wide. EXCEL Furniture sells their products to a wide network of distribution companies ("Distributors") based in Sri Lanka. The number of Distributors varies between 25 and 30 companies. Distributors sell EXCEL Furniture products both in Sri Lanka and Maldives. Most sales in Maldives are to entities in the hospitality & leisure sector. Distributors can significantly impact sales volumes and customer satisfaction by getting the right product to the right place at the right time, at a lower cost. To meet the company s revenue goals for next five years, management has offered new contractual arrangements to the Distributors. This year, Distribution Service Contracts ("contracts") with majority of the Distributors have been amended to include non-standard conditions, specific to each distributor. Contract terms now include rebates based on the volume ordered and more flexible product return terms. Distributors are felicitated every year. Accounting for these transactions is more complicated than in prior years. EXCEL Furniture has updated its Accounting Manual in the first quarter of 2008 to reflect these new accounting procedures. (2)
3 In prior years, minor accounting issues relating to revenue recognition of sales to Distributors were identified by the external audit team, usually in the early stage of the audit. Management had accepted these audit recommendations and posted the necessary adjustments. EXCEL Furniture has 5 sales representatives. Each sales representative is responsible for managing relationship with their allocated Distributors account, which includes meeting their sales targets. To encourage the sales representatives to meet their sales targets, the Company introduced a new sales incentives scheme and bonuses. The proportion between the fixed and variable portion of their remuneration has changed. The total variable portion can reach as much as 100% of the fixed portion of their salary. EXCEL Furniture sells directly to about 30 furniture stores in Sri Lanka. These sales are initiated by the furniture stores through purchase orders. There are no sales representatives assigned to furniture stores. Customer orders are received and processed by the administrative staff in the sales department. No price or volume based rebates are offered to furniture stores. Payments are due 15 days after the invoice date. Accounting for such transactions is straightforward since there is no complex accounting requirements. The Accounting Manual includes accounting policy for sales to furniture stores. In prior years, there were no audit issues in relation to recognition of furniture stores sales. EXCEL Furniture aims to implement and maintain an effective Corporate Governance model, supported by appropriately qualified senior management. The organisational chart is regularly reviewed and formal job descriptions exist. We have been able to gain significant comfort from controls testing in prior years. The remuneration of the senior management is linked to the overall performance of the Company, i.e. reaching annual targets, as well as to individual performance. The Board of Directors ("the Board") has 4 members comprising CEO, Marketing Director, Company's lawyer and one representative of the majority shareholder. The Board is diligent and committed to producing financial statements compliant with Generally Accepted Accounting Principles. This sets a good "tone at the top" for the rest of the Company. The Code of Conduct brochure has been distributed to all staff and is available on the Company's intranet. It outlines the Company's values, moral and ethical standards which everyone in the Company is expected to comply. The CFO accompanied by the Financial Controller attends every other Board meeting and presents the Monthly Reporting Package ("the Package") to the Board. The Package provides a comprehensive analysis of monthly and year-to-date financial and non-financial results. The Board reviews these results and requests explanations for all variances from the budget. If necessary, the Board requests actions to be taken by the management in relation to the monthly results. The Audit Committee consists of 5 members; one of them is a financial expert. They review all transactions for any conflicts of interest. They also conduct employee "pulse" surveys designed to evaluate what messages the employees are hearing on a day-to-day basis. (3)
4 All members of the audit committee have the ability to ask probing questions about the financial risks. The audit committee is vigilant and diligent. The Company has an internal audit department which reports directly to the Audit Committee. Tissa Tissera, the Chief Executive Officer (CEO) of EXCEL Furniture, has been with EXCEL Furniture for the last 8 years. Tissa was appointed as CEO and to the Board in EXCEL Furniture is his first CEO appointment. He has limited background in finance so he often meets with the CFO to discuss various financial matters. He has recently introduced a whistle blower system. CEO remuneration is linked to the market capitalisation of the Company. Deshani De Silva, the Chief Financial Officer (CFO) of EXCEL Furniture, has been with the Company for two years. Even though she is not involved in day-to-day activities of the finance department and focuses more on dealing with banks and investors, she is active in monitoring the monthly financial results, budgeting, and communicating with the Board. The Financial Controller, Lakmali Bandusena, is a qualified chartered accountant, and has worked at EXCEL Furniture for many years. Lakmali was appointed as the Company's Financial Controller in Lakmali has four staff reporting directly to her in her department. Lakmali prepares the Monthly Financial Reporting Package after the month-end closing. She identifies the actual-to-budget variances and discusses them with Deshani. The Monthly Management Meeting is then organized on the 10th day of following month. Prior to providing the Package to the Board, it is sent to Tissa for his review and approval. The computer systems are centrally located at the headquarters in Kandy. The company has recently established a disaster recovery plan and a mechanism to store daily back-ups externally. Some of the IT systems have been modified internally. The company use authorised as well as pirated software. Some of the computers are branded. You are the audit senior assigned to carry out the statutory audit of EXCEL Furniture PLC for the year ended 31 December (i) (ii) Identify the business objectives, related business risks and the related key audit risks in relation to revenue. (8 marks) The following control activities have been identified relating to order processing. a) A valid customer number must exist in the order processing system to generate a sales order. Sales to fictitious customers are prevented. b) The system automatically assigns a sequentially numbered order number. Orders are recorded completely and accurately. c) The sales order will not be accepted into the system if there is incomplete or inaccurate information in any of the key fields. Orders are recorded completely and accurately. d) Standard prices are set up within the system and cannot be changed by the Sales Team. Price and amount of sale are correct. e) Orders identified in the system as 'Standby' cannot be processed until the Sales Manager verifies that the items are available. Procedures exist to approve sales orders. Which of the financial statement assertions are covered by the above control activities? (7 marks) (4)
5 (iii) Based on the work performed by the audit firm s IT auditors the following were noted in IT General Controls: Management relies upon the IT General Controls over interfaces between the order processing system and the General Ledger System as the key control to ensure all sales transactions are posted completely and accurately from the order processing to the General Ledger system. IT auditors tested the batch processing controls including the manual review of exception reports generated if the batch process fails. For the period, September 1, 2008 to October 15, 2008, it was noted that no manual review was performed of the exception reports generated as the responsible staff member was on vacation and no back-up person was identified to fulfill their responsibilities. Therefore no follow up action was taken for the exceptions noted. Manual review of exception reports generated when the interface between order processing and General Ledger run was not reviewed to ensure that the batch job ran to completion. Identify audit risks, compensating controls and audit response for each of the observations given above. (iv) Your audit manager has requested you to review the walkthrough tests carried out by a junior staff member of the audit team relating to invoicing and order processing. What factors would you want to consider in reviewing walkthrough documentation? (5 marks) (v) The engagement partner has informed you that a quality review partner has been assigned to this engagement. What are the responsibilities of a quality review partner? (4 marks) (vi) Your audit manager is of the view that EXCEL Furniture has a strong control environment in relation to integrity and ethical values. Discuss such control environment in relation to EXCEL Furniture. (5 marks) (vii) At the audit planning meeting you were requested to assess the possibility of using the work carried out by EXCEL Furniture internal audit division. Explain the documentation procedure in your audit file, if you decide to use the work carried out by EXCEL Furniture internal audit division. (5 marks) (Total 40 marks) Question No. 02 Goodsmen (Pvt) Limited is a long standing client of the NFT Associates; a firm of Chartered Accountants. Goodsmen (Pvt) Limited have been shortlisted for a contract by XY Limited and urgently require their financial statements for the year just ended, to be approved by NFT Associates to be forwarded together with the bid documents to the tender board of XY Limited. As the statutory audit will take time to be completed, the client has agreed to accept a review report and an engagement letter has been signed. You, an audit manager of the firm; have been requested to handle this assignment. (b) In respect of the review of the financial Statements, identify the matters should have been included in your firm s letter of engagement relating to: (i) your firm s responsibilities; and (ii) the level of assurance provided; Briefly list the general procedures you would perform in such a review. (5) (4 marks) (Total 10 marks)
6 Question No. 03 You are a partner at Nimal & Co, a firm of Chartered Accountants providing audit and advisory services. You recently attended a presentation organized by the Institute of Chartered Accountants of Sri Lanka on computer related crime within business. After the presentations you met Piyal, the finance director, of PP Stockbrokers Ltd (PPS), one of your firm s audit clients. He mentions that external audit field work has commenced and at the initial planning meeting for the current year audit, he had offered the manager in charge of the audit a job at PPS as Chief Accountant, and that the audit manager has indicated that he intends to accept the appointment. The conversation moved to the topic of the presentation and Piyal commented that PPS had been a victim of computer crime during the past year. An employee who was dismissed had ed a computer virus and it had spread through the company IT infrastructure and corrupted some of the data within the on-line share trading system. The company thinks that most of the data files have been sufficiently cleaned and restored. Requirements Outline the ethical issues raised, and any safeguards your firm should adopt, in respect of the fact that the audit manager of the PPS audit, intends to accept appointment as chief accountant at PPS. (7 marks) (b) (i) State the objectives of a system of quality control within an audit firm. (4 marks) (ii) Identify, with reasons, which of the above objectives are likely to be particularly relevant to your audit of PPS. (4 marks) (Total 15 marks) Question No. 04 Slimpack Plc (Slimpack) is a public listed company in Sri Lanka producing packaging material. Silmpack was a family owned company; prior to being listed 5 years ago and the family still own 40% of the shares. The family members who own shares occupy seven of the board positions and occupy the most senior positions in the company. A trusted employee has been recruited as nonexecutive director, immediately after he retired from full-time service. The audit committee consists of this non-executive director and two other family members who are directors. Mr. Sarath Silva, an executive director who chairs the audit committee, believes that audit committees didn t add value to the company. They were, he believed, one of those outrageous demands that regulatory authorities made without considering the individual needs of different companies. He limits the purpose of the audit committee to assessing the independence of the external auditor and monitoring the external audit function and thus the committee meets once a year for this purpose. The last year s meeting with the auditor took a considerable amount of time as none of the audit committee members have a financial background. (6)
7 Required: Explain the terms Executive Director, Non-executive Director and Independent Nonexecutive Director. (3 marks) (b) According to the Code of Best Practice on Corporate Governance jointly issued by the Institute of Chartered Accountants of Sri Lanka and Securities and Exchange Commission of Sri Lanka, critique (assess critically) the terms of reference and the composition of the audit committee of Slimpack. (c) You as the Finance Manager of the company have been requested by the Audit Committee to draft a Charter (terms of reference) for the Audit Committee. Briefly describe as to what would be included in the Charter. (Total 15 marks) Question No. 05 You are the manager in charge of the external audit of TS Garments Ltd (TSG), a manufacturer of swimwear. The company s pre-tax profit for the year ended 31/3/2008 was Rs. 16 million and its total assets at 31/3/2008 were Rs. 250 million. You have completed the audit fieldwork in respect of the year ended 31 March 2008 and are in the process of finalizing the audit when the following developments take place: In April 2009, TSG learns that a liquidator had been appointed to Sportline Ltd ( Sportline ), one of its customers. Sales to Sportline accounted for less than 1% of the total sales of TSG year ended 31/3/2008, and the sum outstanding from Sportline at the year end was Rs. 320,000. Sportline was to commence a five year contract supplying swimwear to a major sports wear retailer. The manufacture of this contract was to be subcontracted to TSG. In anticipation of this contract by 31/3/ 2008, TSG had invested Rs. 25 million in new specialist plant and machinery and Rs. 3.5 million in raw material inventory ordered to Sportline s specifications. The plant and machinery was financed by bank loans, repayment of which is due in monthly instalments commencing September TSG had presented a business plan to the bank in support of its loan application, including profit forecasts, prepared on the assumption that the new contract would commence in June This business plan has since been amended to reflect recent developments. Requirements (b) Describe the possible effects of the above matters on the financial statements of TSG for the year ended 31 March List the procedures you would undertake relating to the above matters in your subsequent events review. The company's bankers require the revised profit forecasts to be reviewed and reported on by independent accountants. The directors have requested that your firm undertakes this review. Briefly describe the procedures you would follow in reviewing the profit forecasts. (8 marks) (7) (Total 20 marks)
Paper F8 (UK) Audit and Assurance (United Kingdom) Thursday 5 December Fundamentals Level Skills Module
Fundamentals Level Skills Module Audit and Assurance (United Kingdom) Thursday 5 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST
More informationCorporate Governance Statement
58 PROGRAMMED 2015 ANNUAL REPORT Corporate Governance Statement Programmed is committed to ensuring that its obligations and responsibilities to its various stakeholders are fulfilled through appropriate
More informationPaper F8. Audit and Assurance. March/June 2018 Sample Questions. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Audit and Assurance March/June 2018 Sample Questions F8 ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions
More informationLeading the Board, challenging the effectiveness of the group as a whole, and each director individually
Air Partner plc Roles and responsibilities of key Board members Chairman The Chairman is accountable to the board of directors (the "Board"). The Chairman is not responsible for executive matters regarding
More informationCorporate Governance Statement 2017 FINNLINES
Corporate Governance Statement 2017 FINNLINES FINNLINES PLC CORPORATE GOVERNANCE STATEMENT Finnlines Plc applies the guidelines and provisions of the Finnish Limited Liability Companies Act and its own
More informationMARINDI METALS LIMITED ABN
MARINDI METALS LIMITED ABN 84 118 522 124 CORPORATE GOVERNANCE STATEMENT 2018 The Board of Directors is responsible for the overall corporate governance of Marindi Metals Limited ( Marindi or the Company
More informationCorporate Governance Principles 2015
Corporate s 2015 corporate principles 1 corporate principles 1. Ethical leadership and corporate citizenship Responsible leadership 1.1 The board should provide effective leadership based on an ethical
More informationCorporate Governance Statement FY2018
The purpose of Tempo Australia Ltd ( Tempo or the Company ) is to deliver to clients in the resources, industrial and commercial sectors specialist multidisciplinary maintenance and construction services,
More informationStatement of Corporate Governance Practices 2016
Statement of Corporate Governance Practices 2016 Introduction The Board of Directors of Coventry Group Ltd (CGL) is responsible for the corporate governance of the Company. The practices outlined in this
More information(AA34) PROCESSES, CONTROLS AND AUDIT
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA3 EXAMINATION - JANUARY 2018 (AA34) PROCESSES, CONTROLS AND AUDIT Instructions to candidates (Please Read Carefully): (1) Time Allowed:
More informationCorporate Governance Principles
Corporate Governance Principles In this section, you will find more detailed explanations of James Hardie s governance principles and practices. Further information is also available from the Investor
More informationCorporate Governance Statement
This statement outlines the Corporate Governance practices adopted by the Board of Directors for the financial year ending 30 September 2017. The Board of Aspermont Limited (Aspermont or the Company) is
More informationCorporate Governance Statement
Corporate Governance Statement The Board of Directors of Metals X Limited is responsible for the corporate governance of the Consolidated Entity. The Board guides and monitors the business and affairs
More informationInstitute of Certified Management Accountants of Sri Lanka. Strategic Level May 2013 Examination. Risk & Control Strategy and Policy (RSP / SL 4 404)
Copyright Reserved Serial No Strategic Level May 2013 Examination Examination Date : 5 th May 2013 Number of Pages : 07 Examination Time: 1.30 p:m. 4.30 p:m. Number of Questions: 05 Instructions to Candidates
More informationFor personal use only
Rules 4.7.3 and 4.10.3 1 Key to Disclosures Corporate Governance Council Principles and Recommendations Introduced 01/07/14 Amended 02/11/15 Name of entity Marindi Metals Limited ABN / ARBN Financial year
More informationFor personal use only
ASX ANNOUNCEMENT 1 November 2016 Corporate Governance Statement 30 June 2016 The Board of Directors is committed to improving and achieving good standards of corporate governance and has established corporate
More informationCorporate Governance. For the year ended 30 June Principle 1: Lay solid foundations for management and oversight
Governance For the year ended 30 June 2018 The Board of Directors of Smart Parking Limited ( SPZ ) is responsible for the corporate governance of the Company. The Board guides and monitors the business
More informationRolls-Royce s Board Governance
Rolls-Royce s Board Governance ADOPTED BY RESOLUTION OF THE BOARD OF ROLLS-ROYCE HOLDINGS PLC ON 16 JANUARY 2015 AND AMENDED BY RESOLUTIONS OF THE BOARD ON 10 DECEMBER 2015, 8 FEBRUARY 2017 AND 7 DECEMBER
More informationCORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE STATEMENT SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT This statement outlines Icon Energy s Corporate Governance practices that were in place during the financial year. ROLE OF
More informationThe Committee will consist of a minimum of three non-executive directors. The majority of members of the Committee should be independent directors.
Domino's Pizza Enterprises Limited Nomination and Remuneration Committee Charter Adopted by the Board on 10 August 2015 (ASX Best Practice Corporate Governance Principles: Recommendation 2.1, 8.1 and 8.2)
More informationCorporate governance statement
page 1 Corporate governance statement This document discloses the extent to which isignthis Ltd ACN 075 419 715 (Company) has followed the recommendations set by the ASX Corporate Governance Council in
More informationASX CORPORATE GOVERNANCE STATEMENT (FINANCIAL YEAR ENDED 31 DECEMBER 2017)
ASX CORPORATE GOVERNANCE STATEMENT (FINANCIAL YEAR ENDED 31 DECEMBER 2017) As a Jersey-incorporated company with a primary listing on the New York Stock Exchange (NYSE), Janus Henderson Group plc (the
More informationGRI Standard Section / Category. GRI Standard Indicator or Disclosure. Location in Report /URL (include page #) Reason for Omission
Form 2411-SUS Criteria Checklist for Sustainability Assurance Engagements Entity's Compliance with Requirements - General Standard s Document our conclusion as to whether the General Standard s are presented
More informationFor personal use only
CORPORATE GOVERNANCE STATEMENT 31 MARCH 2017 Horseshoe Metals Limited s (the Company) Board of Directors (Board) is responsible for establishing the corporate governance framework of the Company and its
More informationPublic Disclosure Information
Annex B Public Disclosure Information For the financial year ended 31 December 2015 Document Date: 24 March 2016 1. Corporate Profile Raffles Health Insurance Pte Ltd (RHI or the Company) was incorporated
More information(AA34) PROCESSES, CONTROLS AND AUDIT
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA3 EXAMINATION - JANUARY 2016 (AA34) PROCESSES, CONTROLS AND AUDIT Instructions to candidates (Please Read Carefully): (1) Time Allowed:
More informationTransparency Report 2018
Price Bailey LLP Transparency Report 2018 At Price Bailey - It s all about you The right advice for life pricebailey.co.uk Price Bailey LLP Transparency Report for the year ended 31 March 2018 under Regulation
More informationAustralian Securities Exchange Notice
Australian Securities Exchange Notice 27 February 2018 ILUKA RESOURCES LIMITED (ILU) APPENDIX 4G AND 2017 CORPORATE GOVERNANCE STATEMENT Please find attached the Appendix 4G and 2017 Corporate Governance
More informationEATON CORPORATION plc Board of Directors Governance Policies Last Revised: October 24, 2017 Last Reviewed: October 24, 2017
111117 EATON CORPORATION plc Board of Directors Governance Policies Last Revised: October 24, 2017 Last Reviewed: October 24, 2017 I. BOARD ORGANIZATION AND COMPOSITION A. Size and Structure of Board.
More informationROYAL DUTCH SHELL PLC AUDIT COMMITTEE TERMS OF REFERENCE
ROYAL DUTCH SHELL PLC AUDIT COMMITTEE TERMS OF REFERENCE Purpose The Royal Dutch Shell plc (the Company ) Audit Committee (the Committee ) assists the Board of the Company (the Board ) in fulfilling its
More informationCORPORATE GOVERNANCE REPORT. 1. Implementation and Reporting on Corporate Governance
CORPORATE GOVERNANCE REPORT 1. Implementation and Reporting on Corporate Governance The Board of Directors of Fjordkraft Holding ASA ( Fjordkraft or the Company ) has prepared this report that presents
More informationCorporate Governance Statement
LifeHealthcare Group Limited (ACN 166 525 186) Corporate Governance Statement - 2016 ASX Corporate Governance Council Principle / Principle 1 Lay solid foundations for management and oversight 1.1 A listed
More informationC O R P O R A T E G O V E R N A N C E S T A T E M E N T
ACN 066 153 982 2 0 1 7 C O R P O R A T E G O V E R N A N C E S T A T E M E N T C O R P O R A T E G O V E R N A N C E S T A T E M E N T The Board and management of Collaborate Corporation Limited (Collaborate
More informationFor personal use only. Corporate Governance Statement 2018
For personal use only Corporate Governance Statement 2018 The Board of Directors ( Board ) of IMF Bentham Limited (ABN 45 067 298 088) ( IMF or Company ) is responsible for the corporate governance of
More informationAPERGY CORPORATION CORPORATE GOVERNANCE GUIDELINES
APERGY CORPORATION CORPORATE GOVERNANCE GUIDELINES The board of directors of Apergy Corporation (the Board, and such company together with its subsidiaries, the Company ) has adopted the following Corporate
More informationEnglish Translation (For Information Purposes Only) CODE OF BEST CORPORATE PRACTICES. Introduction
English Translation (For Information Purposes Only) SCHEDULE A CODE OF BEST CORPORATE PRACTICES Introduction Upon the initiative of the Business Coordinating Council, the Corporate Governance Committee
More informationAWE LIMITED ACN
AWE LIMITED ACN 077 897 440 AUDIT AND GOVERNANCE COMMITTEE CHARTER Page No. 1. Introduction 2 2. Objectives of the Committee 2 3. Authority of the Committee 3 4. Committee Responsibilities 3 5. Committee
More informationAppendix 4G. Key to Disclosures Corporate Governance Council Principles and Recommendations
Appendix 4G Key to Disclosures Corporate Governance Council Principles and Recommendations Appendix 4G Rules 4.7.3 and 4.10.3 1 Key to Disclosures Corporate Governance Council Principles and Recommendations
More informationAEC Corporate Governance Framework
AEC Corporate Governance Framework Version: 1.0 Issued: 31 December 2015 Copyright: Advanced Electronics Company Table of Contents SECTION 1. THE CORPORATE GOVERNANCE FRAMEWORK... 3 1.1 INTRODUCTION...
More informationCorporate Governance Statement
The Board is committed to achieving and demonstrating the highest standards of corporate governance. As such, Sirtex Medical Limited and its controlled entities ( the Group ) have adopted a corporate governance
More information4. Organic documents. Please provide an English translation of the company s charter, by-laws and other organic documents.
Commitment to Good Corporate Governance 1. Ownership structure. Please provide a chart setting out the important shareholdings, holding companies, affiliates and subsidiaries of the company. If the company
More informationKey to Disclosures Corporate Governance Council Principles and Recommendations
Rules 4.7.3 and 4.10.3 1 Appendix 4G Key to Disclosures Corporate Governance Council Principles and Recommendations Name of entity: Programmed Maintenance Services Limited ABN / ARBN: Financial year ended:
More informationPearson plc The UK Corporate Governance Code Part 1- The Main Principles of the Code
Pearson plc The UK Corporate Governance Code Part 1- The Main Principles of the Code A LEADERSHIP COMPLIANCE 1 The role of the board Every company should be headed by an effective board which is collectively
More informationCorporate Governance 2014 FINNLINES
Corporate Governance 2014 FINNLINES FINNLINES PLC CORPORATE GOVERNANCE STATEMENT Finnlines Plc applies the guidelines and provisions of the Finnish Limited Liability Companies Act, the NASDAQ OMX Helsinki
More information2018 Corporate Governance Statement
2018 Corporate Governance Statement The Board of Kidman Resources Limited (the Company) is responsible for the overall corporate governance of the Group. The Board believes that good corporate governance
More informationBOARD CHARTER JUNE Energy Action Limited ABN
BOARD CHARTER JUNE 2016 Energy Action Limited ABN 90 137 363 636 Contents Contents... 2 1 Overview... 3 2 Key Board Functions & Procedures... 5 3 Role of the Chairman... 9 4 Role of the Deputy Chairman...
More informationCorporate Governance Statement
The Board of Gowing Bros. Limited (the Company) is committed to ensuring that its systems, procedures and practices reflect a high standard of corporate governance. The Board supports the core governance
More informationFor personal use only
NAOS Absolute Opportunities Company Ltd (A.B.N. 49 169 448 837, "Company") Corporate Governance Statement This Corporate Governance Statement sets out the Company s current compliance with the ASX Corporate
More informationCohu, Inc. Corporate Governance Guidelines (Revised May 16, 2018)
Cohu, Inc. Corporate Governance Guidelines (Revised May 16, 2018) These guidelines have been adopted by the Board of Directors (the Board ) of Cohu, Inc. (the Company or Cohu ). The guidelines, in conjunction
More informationIoD Code of Practice for Directors
The Four Pillars of Governance Best Practice Institute of Directors in New Zealand (Inc). IoD Code of Practice for Directors This Code provides guidance to directors to assist them in carrying out their
More informationGLENVEAGH PROPERTIES PLC REMUNERATION AND NOMINATION COMMITTEE TERMS OF REFERENCE
GLENVEAGH PROPERTIES PLC REMUNERATION AND NOMINATION COMMITTEE TERMS OF REFERENCE Contents Page 1. Purpose and Role 1 2. Membership and attendees 1 3. Secretary and administration 2 4. Quorum 2 5. Frequency
More informationCorporate Governance Statement
The Board of Directors of Southern Cross Electrical Engineering Limited ( SCEE or the Company ) is responsible for the corporate governance of the Company and accountable to the Company s shareholders.
More informationICG ENTERPRISE TRUST PLC AUDIT COMMITTEE - TERMS OF REFERENCE. (Last reviewed April 2018)
ICG ENTERPRISE TRUST PLC AUDIT COMMITTEE - TERMS OF REFERENCE (Last reviewed April 2018) Background ICG Enterprise Trust PLC ( ICGET or the Company ) has no employees. All management and company secretarial
More informationJIMMY CROW LIMITED ABN: NSX Code: JCC
JIMMY CROW LIMITED ABN: 80 010 547 912 NSX Code: JCC August 2017 (JCC) (Company) is an NSX listed entity which is required to meet the ASX Corporate Governance Council s (CGC) Corporate Governance Principles
More informationCorporate Governance Statement FY17
Corporate Governance Statement FY17 Donaco International Limited (the Company) is committed to good corporate governance practices through its established corporate governance framework. This framework
More information2018 CORPORATE GOVERNANCE STATEMENT
2018 CORPORATE GOVERNANCE STATEMENT This corporate governance statement sets out Prospect Resources Limited s (Company) current compliance with the ASX Corporate Governance Council s Corporate Governance
More informationNomination and Remuneration Committee Charter
Nomination and Remuneration Committee Charter 1. Purpose The purpose of the Nomination and Remuneration Committee is to: review and make recommendations on Board performance and appointments and Nomination
More informationThe Institute of Directors of South Africa ( IoDSA ) is the convener of the King Committee and the custodian of the King reports and practice notes.
ANDULELA INVESTMENT HOLDINGS LIMITED CORPORATE GOVERNANCE Corporate Governance Overview December 2016 The Board of Directors is committed to the implementation of good corporate governance within the group
More informationCorporate Governance Framework
Corporate Governance Framework Corporate Governance Framework The SMEC Holdings Limited ( SMEC or the Company ) Board of Directors (Board) is committed to building and maintaining a corporate governance
More informationEthical leadership and corporate citizenship. Applied. Applied. Applied. Company s ethics are managed effectively.
CORPORATE GOVERNANCE- KING III COMPLIANCE Analysis of the application as at 24 June 2015 by Master Drilling Group Limited (the Company) of the 75 corporate governance principles as recommended by the King
More informationInstitute of Certified Management Accountants of Sri Lanka. Operational Level May 2016 Examination
Copyright Reserved Serial No Operational Level May 2016 Examination Examination Date : 14 th May 2016 Number of Pages : 05 Examination Time: 1.30 p:m. 4.30 p:m. Number of Questions: 07 Instructions to
More informationThe table below provides a summary of the Company s compliance with each of the eight ASX Corporate Governance Principles: Comply Recommendation
DigitalX Limited 2017 Corporate Governance Statement DigitalX Limited s objective is to achieve best practice in corporate governance and the Company s Board, senior executives and employees are committed
More informationKey to Disclosures Corporate Governance Council Principles and Recommendations
Rules 4.7.3 and 4.10.3 1 Appendix 4G Name of entity Santos Limited Key to Disclosures Corporate Governance Council Principles and Recommendations ABN/ARBN Financial year ended 80 007 550 923 31 December
More informationCORPORATE GOVERNANCE STATEMENT 30 JUNE 2018
CORPORATE GOVERNANCE STATEMENT 30 JUNE 2018 > S L E E P D I A G N O S T I C S & T R E AT M E N T > NEURO DIAGNOSTICS > BRAIN RESEARCH > U L T R A S O N I C B L OO D F L O W M O N I TO R I N G > M E D I
More informationCorporate Social Responsibility Policy
Message Of The CEO Corporate Social Responsibility Policy This document describes ED&F Man Group s Corporate Social Responsibility (CSR) policy. It applies to all businesses within the Group. This document
More informationCORPORATE GOVERNANCE STATEMENT 2017
September 2017 CORPORATE GOVERNANCE STATEMENT 2017 INTRODUCTION Salt Lake Potash Limited (Salt Lake or Company) believes corporate governance is a critical pillar on which business objectives and, in turn,
More informationMALIN CORPORATION PLC CORPORATE GOVERNANCE GUIDELINES. Adopted on 3 March 2015 and Amended on 26 May 2015
MALIN CORPORATION PLC CORPORATE GOVERNANCE GUIDELINES Adopted on 3 March 2015 and Amended on 26 May 2015 The following Corporate Governance Guidelines (the "Guidelines") and Schedule of Matters reserved
More informationHI6026 Audit, Assurance and Compliance TRIMESTER 3, 2017 INDIVIDUAL ASSIGNMENT 1
HI6026 Audit, Assurance and Compliance TRIMESTER 3, 2017 INDIVIDUAL ASSIGNMENT 1 Assessment Value: 20% Instructions: This assignment is to be submitted in accordance with assessment policy stated in the
More informationCorporate governance - Solon Eiendom ASA
Corporate governance - Solon Eiendom ASA INTRODUCTION The governance processes of Solon Eiendom ASA ( Company ) are intended to contribute to a long term value creation and profitability. The corporate
More informationCorporate Governance Policy of The Japan Steel Works, Ltd.
Corporate Governance Policy of The Japan Steel Works, Ltd. Established: November 18, 2015 Amendment: June 24, 2016 Chapter 1. General Provisions 1. Purpose The purpose of this document is to prescribe
More informationAUDIT COMMITTEE CHARTER APRIL 30, 2018
AUDIT COMMITTEE CHARTER APRIL 30, 2018 I. Purpose The Audit Committee ( Committee ) is appointed by the Board of Directors ( Board ) to assist the Board in its oversight responsibilities relating to: the
More informationFRONTERA ENERGY CORPORATION CORPORATE GOVERNANCE POLICY
FRONTERA ENERGY CORPORATION CORPORATE GOVERNANCE POLICY Frontera Energy Corporation, including all of its subsidiaries (as such term is defined in the Code of Business Conduct and Ethics) and Fundación
More informationBBC protocol F1 BBC Executive Board appointments and remuneration
BBC protocol F1 BBC Executive Board appointments and remuneration April 2014 Getting the best out of the BBC for licence fee payers BBC Executive Board appointments and remuneration What is a protocol?
More informationBoard Charter. Page. Contents
1 Board Charter Contents Page 1. Introduction 2 2. Role and Objectives 2 3. Board Composition 2 4. Duties and Responsibilities 3 5. The Chairman 5 6. The Managing Director 6 7. Individual Directors 6 8.
More informationFarmaForce Limited (ACN ) Corporate Governance Statement
FarmaForce Limited (ACN 167 748 843) Corporate Governance Statement The Board of Directors of FarmaForce Limited ( FarmaForce or the Company ) is responsible for the corporate governance of the Company.
More informationMARVELL TECHNOLOGY GROUP LTD. CORPORATE GOVERNANCE GUIDELINES AND PRACTICES (as amended through June 15, 2017)
MARVELL TECHNOLOGY GROUP LTD. CORPORATE GOVERNANCE GUIDELINES AND PRACTICES (as amended through June 15, 2017) INTRODUCTION The Board of Directors (the Board ) of Marvell Technology Group Ltd. (the Company
More informationCOATS GROUP PLC (the "Company") TERMS OF REFERENCE FOR THE AUDIT & RISK COMMITTEE Adopted by the Board on 28 July 2017
1. CONSTITUTION COATS GROUP PLC (the "Company") TERMS OF REFERENCE FOR THE AUDIT & RISK COMMITTEE Adopted by the Board on 28 July 2017 1.1 The Committee has been established by resolution of the Board
More informationThe Corporate Governance Statement is accurate and up to date as at 30 June 2018 and has been approved by the board.
Rules 4.7.3 and 4.10.3 1 Appendix 4G Key to Disclosures Corporate Governance Council Principles and Recommendations Name of entity: Catalyst Metals Limited ABN / ARBN: Financial year ended: 54 118 912
More informationENHANCING CORPORATE GOVERNANCE
ENHANCING CORPORATE GOVERNANCE FOR BANKING ORGANISATIONS (September 1999) I. Introduction 1. There has been a great deal of attention given recently to the issue of corporate governance in various national
More informationRolls-Royce s Board Governance
Rolls-Royce s Board Governance ADOPTED BY RESOLUTION OF THE BOARD OF ROLLS-ROYCE HOLDINGS PLC ON 16 JANUARY 2015 AND AMENDED BY RESOLUTIONS OF THE BOARD ON 10 DECEMBER 2015 AND 8 FEBRUARY 2017 Contents
More informationBOM/BSD 2/November 1994 BANK OF MAURITIUS. Guideline on Maintenance of Accounting and other Records and Internal Control Systems
BOM/BSD 2/November 1994 BANK OF MAURITIUS Guideline on Maintenance of Accounting and other Records and Internal Control Systems November 1994 Revised November 2013 Revised December 2017 TABLE OF CONTENTS
More informationOcean Glass Public Company Limited CORPORATE GOVERNANCE GUIDELINES
Ocean Glass Public Company Limited CORPORATE GOVERNANCE GUIDELINES Table of Contents CORPORATE GOVERNANCE POLICY...1 RESPONSIBILITIES OF THE BOARD...2 Duties and Responsibilities...2 Business Ethics...4
More informationCORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE STATEMENT Approach to Corporate Governance Mincor Resources NL ACN 072 745 692 (Company) has established a corporate governance framework, the key features of which are set out in
More informationBTG plc Terms of Reference of the Remuneration Committee ( Committee ) of the Board of Directors ( Board ) of BTG plc ( Company )
Constitution and Authority 1. The Committee is established as a committee of the Board pursuant to the Articles of Association of the Company and in accordance with the principles set out in The UK Corporate
More informationTransparency Report. Year ended 30 April Legal structure and ownership. 2. Network membership
Transparency Report Year ended 30 April 2017 1. Legal structure and ownership Wilkins Kennedy LLP (the firm) is a limited liability partnership registered in England and Wales (OC370220). We are a member
More informationBOARD OF DIRECTORS CHARTER
BOARD OF DIRECTORS CHARTER Page 1 of 7 1. Introduction The board of directors (hereafter referred to as the board ) of Wilson Bayly Holmes- Ovcon Limited (hereafter referred to as the company ) has applied
More informationMACQUARIE TELECOM GROUP LIMITED CORPORATE GOVERNANCE
MACQUARIE TELECOM GROUP LIMITED CORPORATE GOVERNANCE A. Introduction Macquarie Telecom Group Limited operates in a challenging, rapidly changing telecommunications and hosting environment and the Board
More informationCORPORATE GOVERNANCE STATEMENT 2018
CORPORATE GOVERNANCE STATEMENT 2018 Horizon Oil Limited (the Company ) and the board are committed to achieving and demonstrating the highest standards of corporate governance. The board continues to review
More informationAudit and Risk Committee Charter
Audit and Risk Committee Charter FlexiGroup Limited (the Company ) Dated 20 November 2006 Revised May 2014 11779891_3 Audit and Risk Committee charter Contents 1 Purpose and authority 1 1.1 Purpose 1 1.2
More informationKey to Disclosures Corporate Governance Council Principles and Recommendations
Rules 4.7.3 and 4.10.3 1 Appendix 4G Key to Disclosures Corporate Governance Council Principles and Recommendations Name of entity: Sayona Mining Limited ABN / ARBN: Financial year ended: 26 091 951 978
More informationAUDIT & RISK MANAGEMENT COMMITTEE CHARTER
AUDIT & RISK MANAGEMENT APPROVED BY BOARD JUNE 2014 Table of Contents 1. Committee Organisation... 3 2. Authority... 3 3. Role of the Audit and Risk Management Committee... 3 4. Access to the Charter...
More informationCorporate Governance Statement
Corporate Governance Statement The Board of Directors of Frontier Digital Venture Limited (FDV or the Company) is responsible for the corporate governance of the Company and its subsidiaries. The Board
More information2. Agenda and minutes. Is an agenda prepared and distributed in advance of board meetings? Are minutes prepared and approved after board meetings?
Commitment to Good Corporate Governance 1. Ownership and governance structure: Is the everyday, practical governance of the firm and the exercise of ownership rights consistent with the formal documentation
More informationCorporate Governance Statement
The Board is committed to achieving and demonstrating the highest standards of corporate governance. As such, Sirtex Medical Limited and its controlled entities ( the Group ) have adopted a corporate governance
More informationAEC Corporate Governance Framework
AEC Corporate Governance Framework Version: 2.0 Issued: 11 October 2018 Copyright: Advanced Electronics Company Table of Contents SECTION 1. THE CORPORATE GOVERNANCE FRAMEWORK... 3 1.1 INTRODUCTION...
More informationCORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE STATEMENT In fulfilling its obligations and responsibilities to its various stakeholders, the Board is a strong advocate of corporate governance. This statement outlines the principal
More informationBOARD OF DIRECTORS TERMS OF REFERENCE OF SUB-COMMITTEES
BOARD OF DIRECTORS TERMS OF REFERENCE OF SUB-COMMITTEES January 2011 Page 1 of 19 AUDIT, RISK AND ASSURANCE COMMITTEE TERMS OF REFERENCE STRUCTURE AND RELATIONSHIPS 1. CONSTITUTION The Audit, Risk & Assurance
More informationTHE FIRST OF LONG ISLAND CORPORATION CORPORATE GOVERNANCE GUIDELINES
PURPOSE AND BOARD RESPONSIBILITIES The purpose of these Corporate Governance Guidelines is to continue a long-standing commitment to good corporate governance practices by The First of Long Island Corporation
More informationAudit quality a director s guide
Audit quality a director s guide November 2017 This handbook offers guidance for directors and shareholders of New Zealand FMC reporting entities about how to improve audit quality Contents About this
More informationRISK MANAGEMENT & AUDIT COMMITTEE CHARTER
RISK MANAGEMENT & AUDIT COMMITTEE CHARTER August 2014 Energy Action Limited ABN 90 137 363 636 Contents 1 Introduction.3 2 Purpose 3 3 Authority 3 4 Composition 4 5 Meetings 4 5.1 Quorum & voting 4 5.2
More information