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ACCA Corporate Governance Flashcards

6 cards from real ACCA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 ACCA Corporate Governance flashcards as text

  1. Which ACCA paper primarily covers corporate governance and its application to listed companies?

    Answer: P1 - Governance, Risk and Ethics

    The ACCA P1 (now SBL) paper focuses on governance, risk, and ethics as they apply to organizations including listed companies.

  2. In the UK Corporate Governance Code, what principle governs the relationship between a company's board and its shareholders?

    Answer: Engagement

    The UK Corporate Governance Code's 'Engagement' principle addresses how the board should maintain dialogue with shareholders and stakeholders.

  3. Which of the following best describes a 'unitary board' structure in corporate governance?

    Answer: Executive and non-executive directors on a single board

    A unitary board combines both executive and non-executive directors on one board, which is the typical structure in the US and UK.

  4. According to the OECD Principles of Corporate Governance, which stakeholder group is primarily protected by governance frameworks?

    Answer: Shareholders and stakeholders broadly

    The OECD Principles aim to protect the interests of both shareholders and wider stakeholders, ensuring accountability and transparency.

  5. What is the primary role of an audit committee within a company's corporate governance structure?

    Answer: Overseeing financial reporting and internal controls

    The audit committee is responsible for overseeing the integrity of financial reporting, internal controls, and the relationship with external auditors.

  6. Under the 'comply or explain' regime in corporate governance, what are companies required to do?

    Answer: Either follow code provisions or explain why they have not

    The 'comply or explain' approach requires companies to follow the governance code or provide a clear explanation to shareholders for any departure.