SECTION A Question 1 PREAMBLE: After series of corporate governance failures and the abuse of trust placed in the management of public companies in the late 1990s and the early parts of the 2000s, regulators sought to change the rules surrounding the governance of companies. In US the Sarbanes Oxley Act (2002) (SOX) introduced a set of rigorous corporate governance laws, while, in the UK, the Combined Code (Currently the UK corporate governance Code) introduced a set of best practice corporate governance initiatives, reflecting major changes in Corporate Governance. The aim is to ensure that companies are run well in the interests of their shareholders and other stakeholders. The focal point of this era of corporate governance rests on the following: Responsibilities of directors Appropriate composition of the board Necessity for good internal control Necessity for an audit committee Relationships with the external auditors Effectively, this brings to bear the Six Principles of OECD Framework, which are: Ensuring the basis for an effective corporate governance The rights of shareholders and key ownership functions The equitable treatment of shareholders The role of stakeholder in corporate governance Disclosure and transparency & accountability The responsibilities of the Board Principally, these dynamics in corporate governance sets the pace for global acceptance of such principles for effective management of companies with particular focus on: Segregation of Chairmans role from that of the CEO Fair inclusion of non-executive directors on management boards Audit committee Risk management committee Remuneration committee Internal Audit among others. Reflecting on the preamble above, you are required to: Critically reflect on Fairchild, R. Gwilliam D. and Marnet, O. (2019). Audit Within the Corporate Governance Paradigm: A Cornerstone Built on Shifting Sand? British Journal of Management, Vol. 30, 90105, (See paper attached) and attempt the questions below. Based on the paper identify Four (4) corporate governance weaknesses from each of the following firms. i) WorldCom ii) Xerox Hollinger Tyco 8 marks Adduce respective recommendations to address each weakness identified, to ensure compliance with corporate governance principles. 8 marks Based on the paper and the corporate governance principles set out in the preamble above, identify and explain the following: Four (4) actions that the board chairmen of each of the four firms should have taken in order to meet corporate governance requirements for their firms. 4marks Four (4) actions that the chief executive officers of each of the four firms should have taken in order to meet corporate governance requirements for their firms. 4Marks iii. Four (4) actions that the non-executive directors on the management boards of each of the four firms should have taken in order to meet corporate governance requirements for the firms. 4 marks Six (6) actions that the audit committee boards of each of the four firms should have taken in order to meet corporate governance requirements for the firms. 6 marks Three (3) actions that the risk management committee of each of the four firms should have taken in order to meet corporate governance requirements for the firms. marks Two (2) actions that the remuneration committee of each of the four firms should have taken in order to meet corporate governance requirements for the firms. 2 marks vii. Four (4) actions that the internal auditors of each of the four firms should have taken in order to meet corporate governance requirements for the firms. marks d) Reflecting on Fairchild, Gwilliam and Marnet (2019), and applying all your research principles in auditing, particularly corporate governance, answer the following: Identify the research problem of the paper and state it as clearly and concisely as possible. Note: As much as possible support your answer with in-text citations and references 5 marks Identify 3 main findings of the paper and briefly comment on each. marks Identify 3 main contributions of the paper and briefly comment on each. marks (Total: 60 marks

SECTION A Corpory Quraient TREAMRIT: Arter Series of computere files and the abuse cu placed in ile comment of public comanies i the late 15cs and the early parts of the 2005, geschis ferslo amor e ampics Site Sabates Oxley Act 2000 Sox introduced to corrente are laws, while, if the LK, the Cocibice Code Cradle the UK CORPO PRO een innehodu: NEW: initiatives ellecting cor cinacs in Corsche Covenance. The aim is to ensure that con chies Terim Timur PT. Ar tretiu Aika well in their resufruir unknuter dakhlak The local uit of his Taula Redur th: Jullwi Responsibilities of directors Aise concencie boud Noudlyfr gwinturlari Nouazdy sei armite Kelsticides with the extra cims Electively, this brings to be the Si Prisciples of OECD Framework, lich we - Erin x buis furtive cor : The rights of stars ukusne key wr din intins Theilinsimentul arche . . The role of actor icopate LLC Diaksure and company cuma bility There wilt of th: Boom Itirupel fra ikert i Nemanxafte perfum u puinciples tortue mantenia with locus on: f - Seno chiaman'a ne radhite CRC . Tsir idu u cestive direkt nr. . Rishmmitinelil eatinition Rein.. mittee - Liter Audit aan die To derling on the preamblesheve, you are required to: Critically rellect on "Fairchi, R. William D. and Mamet, O. (2019). Audit within the Copacate Covenance Pardig: A Come Built on Shinice Sand BALL! Dr Lletus Aayesim Boners. Dr Emmanuel T. Asare ad Mistice do 4. P.3.9 10.5" (50 percccked clexep the questios odos. Toral the peridentify Par(4) WMS Sesaxhulte Gllowing firms O Bised on the papeidautify Four 4 croce povemazee weeks to such file Ellaaintimi. i) 11 Yurex Tullinger Tyco iv Md.celespective Tecnications dess ich weakne Kanilied, 10 etsie coincide with come risciples marks culorulur the per fer un principu celost in the earth: acowe, identity and explain the following i Far4 stiftsth unlesinin far har du have taken in ISTNIE WMF WM furtheir firme marles i Fuar (4 stretthetic craniulisen the far frustve rker in ider to cats tapane Datrinaerco.irettitatiu thidir iras. mark ii. Four (actices that the 200-executive direct of the massgente board of cack of shear wil weten i anleriu i RITTER: HTM fur te liras # Sis in stirs that the sitamise hore and of the far my busive xkez in oder to meet couple de ciresent the firas. n marks Three) at that the risk mat.cmne cacumittee of the fow fire shoul brikez in under extDOC Brenzyiremena birth: fire. 1. Tortit that the remuneration conceito de las forms should have bker in unkt lu mata Raticants for the firme 2 marks Dr Lletus Aayetim Bones. Dr Emmanuel T. Asare de Astiedo vii lor in that the ine malwarunkeun cuchild have take koder to meet coupe de equirements for the firmes. 4 mars 4 Relecting on Forchild, G-xillion und Macet 120.91. ad calyce all your se euch Avinciales i cuditis riidul copate cruce, answer the folloxine: i centify the rear here the operatie in der Ziely spicch: Mive: d. pucah awe warmwr with in-wr) Os efemex Smulis i. Identity 1 min findings of the pow. biely comes ouch. ii liberi incontro the philsammett urvah o marks Tocal. marks SECTION A Corpory Quraient TREAMRIT: Arter Series of computere files and the abuse cu placed in ile comment of public comanies i the late 15cs and the early parts of the 2005, geschis ferslo amor e ampics Site Sabates Oxley Act 2000 Sox introduced to corrente are laws, while, if the LK, the Cocibice Code Cradle the UK CORPO PRO een innehodu: NEW: initiatives ellecting cor cinacs in Corsche Covenance. The aim is to ensure that con chies Terim Timur PT. Ar tretiu Aika well in their resufruir unknuter dakhlak The local uit of his Taula Redur th: Jullwi Responsibilities of directors Aise concencie boud Noudlyfr gwinturlari Nouazdy sei armite Kelsticides with the extra cims Electively, this brings to be the Si Prisciples of OECD Framework, lich we - Erin x buis furtive cor : The rights of stars ukusne key wr din intins Theilinsimentul arche . . The role of actor icopate LLC Diaksure and company cuma bility There wilt of th: Boom Itirupel fra ikert i Nemanxafte perfum u puinciples tortue mantenia with locus on: f - Seno chiaman'a ne radhite CRC . Tsir idu u cestive direkt nr. . Rishmmitinelil eatinition Rein.. mittee - Liter Audit aan die To derling on the preamblesheve, you are required to: Critically rellect on "Fairchi, R. William D. and Mamet, O. (2019). Audit within the Copacate Covenance Pardig: A Come Built on Shinice Sand BALL! Dr Lletus Aayesim Boners. Dr Emmanuel T. Asare ad Mistice do 4. P.3.9 10.5" (50 percccked clexep the questios odos. Toral the peridentify Par(4) WMS Sesaxhulte Gllowing firms O Bised on the papeidautify Four 4 croce povemazee weeks to such file Ellaaintimi. i) 11 Yurex Tullinger Tyco iv Md.celespective Tecnications dess ich weakne Kanilied, 10 etsie coincide with come risciples marks culorulur the per fer un principu celost in the earth: acowe, identity and explain the following i Far4 stiftsth unlesinin far har du have taken in ISTNIE WMF WM furtheir firme marles i Fuar (4 stretthetic craniulisen the far frustve rker in ider to cats tapane Datrinaerco.irettitatiu thidir iras. mark ii. Four (actices that the 200-executive direct of the massgente board of cack of shear wil weten i anleriu i RITTER: HTM fur te liras # Sis in stirs that the sitamise hore and of the far my busive xkez in oder to meet couple de ciresent the firas. n marks Three) at that the risk mat.cmne cacumittee of the fow fire shoul brikez in under extDOC Brenzyiremena birth: fire. 1. Tortit that the remuneration conceito de las forms should have bker in unkt lu mata Raticants for the firme 2 marks Dr Lletus Aayetim Bones. Dr Emmanuel T. Asare de Astiedo vii lor in that the ine malwarunkeun cuchild have take koder to meet coupe de equirements for the firmes. 4 mars 4 Relecting on Forchild, G-xillion und Macet 120.91. ad calyce all your se euch Avinciales i cuditis riidul copate cruce, answer the folloxine: i centify the rear here the operatie in der Ziely spicch: Mive: d. pucah awe warmwr with in-wr) Os efemex Smulis i. Identity 1 min findings of the pow. biely comes ouch. ii liberi incontro the philsammett urvah o marks Tocal. marks