l. Identify the parties impacted by the quality and rigor of an organization 2Id

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l. Identify the parties impacted by the quality and rigor of an organization 2Identity and describe the corporate governance-related responsibiliti 3. Identity the apparent flaws in Le-Nature's corporate governance. Relate those 4· Le-Nature's was not a SEC registrant. Identify corporate governance safeguards 5. Following the Special Commitee investigation in late 2003, Le-Nature's Questions e to corporate governance. What responsibilities do corporate executives hav those parties? corporate accountants,independent auditors, and external accountants hired companies to perform forensic investigations. flaws to the five components of the COSO internal control framework and the fraud triangle. imposed on SEC registrants that are not imposed on non-SEC registrants. dismissed EY and retained BDO Seidman to serve as its ing 8. The lawsuite fil

Explanation / Answer

Question 1:

Corporate governance refers to achieving the aim of maximizing the wealth of the shareholders of the organization while simultaneously meeting the needs of the other stakeholders. It is so achieved by building healthy relationships among various stakeholders of the enterprise. This is possible through evaluating, directing and controlling the organization's governance efforts by the top management.

The parties that are impacted by the quality and rigor of the organization's corporate governance are the shareholders, the board of directors, the employees of the organization, the auditors, the government as well as the customers of the organization.

Some of the responsibilities of corporate executives towards these parties are as follows:

- Ensuring maximisation of shareholders' wealth in the long term

- Ensuring complete and accurate financial reporting

- Monitoring the policies and processes of the organization and incorporating changes as may be required

- Ensuring safe working environment for the employees and motivate the staff to increase efficiency in the processes

- Ensuring compliance with all applicable laws and regulations

- Setting the overall strategy for the organization in line with which the policies and procedures are developed

- Ensuring that internal controls in the organization are present and working effectively and efficiently

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