00:01
Hello students, here is a question, let us discuss the answer for this.
00:03
We have 4 questions here.
00:06
So, the first one is, does good governance require an absolute rule that must be adopted by all the organization? so, the answer is no for this.
00:15
Good governance does not necessarily require an absolute rule that must be adopted by all the organization.
00:22
However, it does not require a set of principles and guidelines that promote a transparency, accountability and ethical behavior.
00:31
This principle and guidelines may vary depending on the size, nature and complexity of an organization.
00:38
So, when it comes to the second question, what is the essence of any system or corporate governance? to enhance any system of corporate governance is to ensure the organization is managed in a way that is responsible for the overall well -being of the organization.
01:37
So, to enhance any system of corporate governance is to ensure that organization is managed in a way that maximize shareholders value while also taking into an account that interest of other stakeholders such as employee, customer, suppliers and community at a large.
02:06
This involves an establishing a clear line of authority and accountability ensuring that effective risk management and promoting the transparency of a disclosure.
02:17
And our third question is, why management is responsibility as a far as financial reporting concern? so, the management responsible for a financial reporting is concerned to ensure that organizational financial statement are accurate because of organization financial statement is accurate...