The journey to have a common set of accounting standards started long ago to give it a professional shape and essence. And Accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization.

a.What are accounting Standards. (2 marks)

b.Outline three benefits of global harmonization of the Accounting Standards. (3 marks)

Corporate governance is a system used to direct and control an organization. It includes relationships between, and accountability of, the organizations stakeholders, as well as the laws, policies, procedures, practices, standards, and principles which may affect the organizations direction and control (Cadbury, 1992).

c.Mention four principles of Corporate Governance. (4marks)

d.What are Mandatory and Voluntary codes of corporate governance? . (2 marks).

e.Identify four main threats to ethical behaviour. (4marks)