QUESTION ONE [35]
Discuss the Duties of the Audit Committee of a Company. (17)
Examine the Role of the Company Secretary. (18)
QUESTION TWO [20]
Explain how Shareholders exercise their Voting Rights?
QUESTION THREE [35]
Discuss the Liability of Directors and Prescribed Officers with reference to Section 77 of the Companies Act. (17)
Model your understanding of Relief from Oppressive or Prejudicial Conduct in terms of Section 163 of the Companies Act. (18)
QUESTION FOUR [10]
Explain the concept of ADR (Alternative Dispute Resolution).
Answers to Above Questions on Accounting
Answer 1:An audit committee of an organisation is required to play a significant role in achieving accountability and high level of transparency within the business practices. The committee has to achieve good governance in financial reporting of all the business activities of the company. It is the audit committee that is responsible for the entire financial reporting mechanism of the company including internal control measures to prohibit the occurrence of any kind of fraudulent activities within the organisation.
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