IASB

by Kisha
(Grenada)

Original Text: IASB

Memo
To
From
Date
Subject: Implementing Co-corporate Governance principles


Co-corporate governance is the way in which company are directed and controlled. Sgcc fail to achieve the basic principle of co-corporate governance in the following ways: the CEO and the chairman is the same person, this can create conflict or interest and independence is also threaten. There should be a balance between executive and non-executive directors. Also salaries should be determined by non-executive directors who will be independent of the day to day activities. An internal audit department is also necessary so that any problems can be reported to the audit committee.


2) Failure to meet co-corporate governance code that is report using applicable reporting standard from a recognised reporting can result in a qualified report External auditor cannot provide assurance as to the truth and fairness of the financial statement provided.

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Revised Text:


Memo
To
From
Date
Subject: Implementing Co-corporate Governance Principles


1) Co-corporate governance is the way in which companies are directed and controlled. SGCC fails to achieve the basic principle of co-corporate governance if the CEO and the chairman are the same person, this can create a conflict of interest and independence is also threatened.

There should be a balance between executive and non-executive directors. Also, salaries should be determined by non-executive directors, who will be independent of day to day activities.

An Internal Audit Department is also necessary so that any problems can be reported to the Audit Committee.


2) A report not using an applicable, recognized reporting standard is a failure to meet the Co-corporate Governance Code and can result in a qualified report, for which the External Auditor cannot provide an assurance as to the truth and fairness of the financial statement provided.

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