ACCT8006 Corporate Governance Assignment Sample MTU Ireland

ACCT8006 Corporate Governance is a key course in the Master of Accounting and Corporate Governance degree at MTU. The course provides an overview of contemporary issues in corporate governance, including directors’ duties and liabilities, financial reporting and auditing, securities regulation, and takeover regulation.

The course is designed to give students an understanding of how to improve the effectiveness of a board and its committees, how to assess and manage risk, and how to respond to inquiries from regulators. Students will also learn about best practices in financial reporting and auditing. The goal of the course is to provide graduates with the knowledge and skills needed to work effectively in corporations or other organizations with a strong focus on corporate governance.

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In this section, we are describing some assigned briefs. These are:

Assignment Brief 1: Explain the factors leading to the introduction of systematized corporate governance, and the rationale for governance procedures.

The factors that led to the introduction of systematized corporate governance procedures included the need for companies to have a way to protect their interests, and the desire of shareholders to have some say in how their money was being spent.

The rationale for governance procedures is that they help a company operate more efficiently by ensuring that there is a clear chain of command and by preventing disputes between shareholders and management. They also help prevent financial mismanagement, fraud, and other illegal activities. By establishing rules and guidelines for how a company should be run, corporate governance procedures help ensure that shareholders are treated fairly and that the company is run responsibly.

Assignment Brief 2: Distinguish between shareholders and stakeholders, and the significance of potential conflicts of interest for corporate governance.

Shareholders are individuals or entities that own shares in a company. In contrast, stakeholders are individuals or groups that have an interest in the performance of a company but do not necessarily own any shares. While shareholders may be interested in seeing the company perform well financially to maximize the value of their investment, stakeholders may be interested in other factors such as environmental responsibility or employee welfare.

The significance of potential shareholder vs. stakeholder conflict lies in the fact that shareholders typically seek to maximize financial returns, while stakeholders may seek other outcomes that may not necessarily be profitable for the company. In some cases, this conflict can lead to polemical debates about what constitutes “good” corporate governance. For example, should a company focus on maximizing shareholder value or should it take into account the interests of all stakeholders?

Assignment Brief 3: Outline the roles of the internal audit, the audit committee, and the remuneration committee in an internal control system.

The three most important roles in an internal control system are the internal audit, the audit committee, and the remuneration committee. Let’s take a closer look at each of these roles and what they entail.

The Internal Audit is responsible for ensuring that all financial statements are accurate and comply with generally accepted accounting principles. They also Monitor compliance with laws and regulations, as well as company policies. Furthermore, the Internal Audit provides recommendations on improving internal controls to Management.

The Audit Committee is responsible for oversight of the financial reporting process and internal controls. They work closely with management to ensure that all financial statements are accurate and compliant with regulations. The audit committee also advises Management on matters related to risk management and disclosure requirements.

The Remuneration Committee is responsible for setting the compensation of executive officers and directors. They also make recommendations to the Board of Directors on matters related to executive compensation. In some cases, the Remuneration Committee may also be responsible for evaluating the performance of executive officers.

Assignment Brief 4: Describe how corporate governance procedures are being implemented.

Corporate governance procedures are being implemented through the board of directors. The board is responsible for appointing and overseeing the activities of the CEO and establishing committees to assist in fulfilling its responsibilities. Among other things, these committees usually include a compensation committee, an audit committee, and a nominating and corporate governance committee.

The nominating and corporate governance committee is typically responsible for developing and recommending corporate governance principles to the full board, reviewing proposed amendments to bylaws or charters, recommending director nominees to the full board, and assessing the independence of directors. Additionally, this particular committee typically reviews transactions between the company and its insiders (e.g., officers or directors) to determine whether they are fair to the company.

The audit committee is responsible for overseeing the financial reporting process and internal controls. They work closely with management to ensure that all financial statements are accurate and compliant with regulations. The audit committee also advises Management on matters related to risk management and disclosure requirements.

The compensation committee is responsible for setting the compensation of executive officers and directors. They also make recommendations to the Board of Directors on matters related to executive compensation. In some cases, the Remuneration Committee may also be responsible for evaluating the performance of executive officers.

These committees play a vital role in ensuring that corporate governance procedures are being implemented effectively. Without these committees, it would be difficult to hold management accountable and ensure that the company is run fairly and transparently.

Assignment Brief 5: Describe the frameworks, codes, and systems of corporate governance for listed companies as well as international developments in corporate governance(Ireland).

The most common framework for listed companies is the corporate governance code. The corporate governance code sets out the principles and practices that should be followed by listed companies to ensure good governance. Several different codes have been developed, but the most commonly used one is the UK Corporate Governance Code.

The Corporate Governance Code is not mandatory, but listed companies are expected to disclose how they comply with the code in their annual reports. The code is periodically reviewed and amended to reflect changes in best practice.

In addition to the corporate governance code, several other codes and guidelines apply to listed companies. These include the UK Listing Rules, the UK Code of Conduct for Boards, and the Financial Reporting Council’s (FRC) Principles of Good Governance.

There are also several international developments in corporate governance. One of the most significant is the introduction of the Sarbanes-Oxley Act in the United States. This act introduced several reforms designed to improve corporate governance, including the establishment of an independent board to oversee the activities of management.

Other international developments include the OECD Principles of Corporate Governance and the IOSCO Objectives and Principles of Securities Regulation.

The Irish corporate governance regime is based on a combination of statutory requirements, stock exchange rules, and codes of practice. The Companies Act 2014 sets out the general framework for corporate governance in Ireland. This is supplemented by the Irish Takeover Rules, the Listing Rules of the Irish Stock Exchange, and several codes of practice.

The Irish Takeover Rules are designed to ensure that takeovers are conducted fairly and transparently. The rules are also designed to protect the interests of shareholders, employees, and creditors.

The Irish Stock Exchange Listing Rules apply to companies that are listed on the exchange. These rules set out the requirements for disclosure, financial reporting, and corporate governance.

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