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Please solve it ASAP You are an audit manager for GTG - an audit firm based in Muscat. You have just been asked by one
Please solve it ASAP
You are an audit manager for GTG - an audit firm based in Muscat. You have just been asked by one of your existing clients, Globnet SAOG Company, for help in compliance with corporate governance guidelines because they are about to obtain a stock exchange listing. They have sent you the following information; Mr. Nasser al Kalbani is the CEO and chairman of Globnet SAOG Company. At present, the CEO is solely deciding the remuneration of all other board members. The non-executive directors of Globnet SAOG Company have recently proposed to set up an audit committee and a remuneration committee, however, Mr.Nasser al kalbani has completely denied their proposal and argued in the board meeting that there is no need for an audit committee and remuneration committee. In respect of the corporate governance of Globnet SAOG Company, (Oldentify and explain any two corporate governance weaknesses in Alibaba company, also discuss your recommendation to address the weakness. (2 marks) (ii)Do you think the proposal to set up an audit committee and remuneration committee by two non-executive directors is important? Yes/No. Also, discuss briefly the role of the audit committee.(1 mark) You are an audit manager for GTG - an audit firm based in Muscat. You have just been asked by one of your existing clients, Globnet SAOG Company, for help in compliance with corporate governance guidelines because they are about to obtain a stock exchange listing. They have sent you the following information; Mr. Nasser al Kalbani is the CEO and chairman of Globnet SAOG Company. At present, the CEO is solely deciding the remuneration of all other board members. The non-executive directors of Globnet SAOG Company have recently proposed to set up an audit committee and a remuneration committee, however, Mr.Nasser al kalbani has completely denied their proposal and argued in the board meeting that there is no need for an audit committee and remuneration committee. In respect of the corporate governance of Globnet SAOG Company, (Oldentify and explain any two corporate governance weaknesses in Alibaba company, also discuss your recommendation to address the weakness. (2 marks) (ii)Do you think the proposal to set up an audit committee and remuneration committee by two non-executive directors is important? Yes/No. Also, discuss briefly the role of the audit committee.(1 mark)Step by Step Solution
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