17.Sources_ofCorporateGovernance.pdf

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Criminal law on fraud and
false accounting
Reporting requirements on auditors
where they suspect offences may
have been committed
Imposed a number of
obligations upon company
directors regarding compliance
with the Companies Acts
Established the ODCE
PLCs
All large private companies
(balance sheet exceeding
€25 million or turnover
exceeding €50 million in
both 2 last financial years)
The Criminal Justice
(Theft and Fraud
Related Offences) Act
2001
The UK Corporate Governance
Code and Irish Stock
Exchange Annex
(known as ‘
The
Combined Code on
Corporate Governance
’)
The Listing Rules
(Focus on transparency and
clarity. All companies wishing to trade their shares
on the stock market must comply with those.)
Criminal law
Corporate Law
Enforcement Act
2001
Established the
requirement to have an
audit committee
on
Sources of
Corporate
Governance
The Companies
(Auditing &
Accounting) Act 2003
Company’s
Constitution
Company
legislation
The Companies Act 2014
Aim
: to regulate the activities
of companies
Makes being involved in
fraudulent trading or insider
trading a criminal offence
Common law rules
(case law)
Requires companies to disclose certain
information, e.g.: director’s share interest,
substantial transactions involving non-
cash assets, director’s total remuneration
Ensure the integrity of
financial statements
Monitor the company’s internal
financial controls & audits
Oversee the appointment, removal and
terms of engagement of external auditor
and ensure his independence
DACs/PLCs
: Memorandum & Articles of Association
LTDs
: Constitution
Contain rules in relation to behaviours of company’s
participants and procedures they are required to comply with.
Role of the
Audit
Committee
An individual may fulfil the
role of the audit committee.

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