ACC112 Lesson 3 Answer

ACC112: CORPORATE GOVERNANCE, BUSINESS ETHICS,
RISK MANAGEMENT AND INTERNAL CONTROL

Student Activity Sheet Module # 1
Name: John Lorenz M. Daynghirang Class number: 019-0059
Section: A-A8 Schedule: Monday 1:00 – 3:00PM Date: Aug/24/2021
A. LESSON PREVIEW/REVIEW
1) Introduction (5 mins)
Activity 1, part 1 Do Now Task
Rank the following as to how you see yourself 5 years from now – 1 being the highest
rank you think you want and can be and 0 for position you think you will never be.
Position Rank
Stockholders 2
Directors 3
Managers 4
Employees 5
Creditors 7
Auditors 6
Others (CEO) 1
Wherever you see yourself, your role is important. In this module we will continue our
discussion about corporate governance. Why is CG necessary for businesses, who are
involved and what are their accountabilities?
In relation to the ranking you’ve done, now list down 3 reasons where you ranked yourself 1
and another 3 where you least likely ranked yourself.
Position for the highest Rank: CEO
Reasons:
1. To be known in Business World.
2. To be able to manage employee and treat them like my children.
3. Lastly, to have a legacy that my family would inherit till the end of my successors.
Position for the lowest Rank: Creditors

Reasons:
1. It’s hard to lend money.
2. Less hassle.
3. Need to be attentive on contracts.
2) Activity 1: What I Know Chart, part 1 (3 mins)

Try answering the questions below by writing your ideas under the first column What I
Know. It’s okay if you write key words or phrases that you think are related to the
questions.
What I Know Questions: What I Learned (Activity 4)
It’s for them to improve What are the reasons why SMEs
their company’s way if need to apply the characteristics
managing their external of good governance?
and internal affairs.
The responsibility of the What are the responsibilities of
shareholders is declaring Shareholders?
dividends.
Their essence is to make a What is the essence of any

way or a better way for an system of good governance?
organization on dealing in
their affiliates.
1) Activity 3: Skill-building Activities (18 mins + 2 mins checking)

Think and learn
Does good governance require absolute rules that must be adopted by all organization?
Explain.
It’s a no. Yes good governance makes a company/organization much well on dealing their affiliates,
but it’s also up on them on making on their own way on running their business.
In reference to the figures above in LO2, on what aspects do shareholders demand

accountability from the BOD?
They demand accountability on the
1. Financial performance
2. Financial Transparency
3. Stewardships
4. Quality of Internal Control
Describe the broad role of the shareholders of the corporation.

The broad role of the shareholders of the corporation are:
a. Provide effective oversight through election of board members
b. Approval of major initiatives such as buying and selling stocks, annual report on management
compensation
2) Activity 4: What I Know Chart, part 2 (2 mins)

For this part, review the questions in the What I Know Chart from Activity 1 and write
your answers to the questions based on what you now know in the third column of the
chart.
What I Know Questions: What I Learned (Activity
4)
What are the reasons why The characteristics of

SMEs need to apply the good governance would
characteristics of good definitely help them to
governance? much more categorize
and knowledgeable on
dealing their affiliates or
errands at their business.
But it should not be on
force because we all
know they could just
make their own rules that
they would follow.
What are the responsibilities of

Shareholders? Shareholders have a
responsibility to oversee
the proper management
of the company. They
have a duty to call the
organizational
management and board
of directors to account for
the performance of the
company.
What is the essence of any It would be a good help in

system of good governance? which they can easily deal
with any problems that a
company might encounter
in the future.
3) Activity 5: Check for Understanding (5 mins)

1. Stakeholders are
a. directors
b. employees
c. auditors
d. all of the above
2. Approving annual financial reports and other public documents are specific
responsibilities of
a. management
b. Board of Directors
c. Shareholders
d. Employees
3. Which of the following is not something performed by the company’s board?
a. Appoints the corporate officers responsible for managing the company and
implementing this strategy.
b. Oversees management and ensures the quality of information provided to
shareholders and to financial markets through the financial statements.
c. Day to day supervision of the sales manager.
d. Defines the company’s strategy.
4. Which of the following is not responsibility of audit committee?
a. Management compensation.
b. Relations with independent auditor.
c. Monitoring management.
d. Reviewing corporate reporting process.
5. An independent director is expected to
a. Apply expertise and skills in the corporation’s best interest.
b. Assist management to keep performance objectives at the top of its agenda.
c. Respect the collective cabinet nature of the board’s decision.
d. Act as conduit between board and organization.
C. LESSON WRAP-UP
1) Activity 6: Thinking about Learning (5 mins)
Congratulations for finishing this module! Shade the number of the module that you
finished.
Did you have challenges learning the concepts in this module? If none, which parts of the
module helped you learn the concepts?
Actually, there is some I want to clarify about, though the module already answers it.
Some maybe a mind tricking but it’s all fine and been clarified well.
Some question/s I want to ask my teacher about this module is/are:
What really are the works of a shareholders? Does it also includes auditing? BOD really
picks who will be the CEO?

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ACC112: CORPORATE GOVERNANCE, BUSINESS ETHICS,

RISK MANAGEMENT AND INTERNAL CONTROL

Name: John Lorenz M. Daynghirang Class number: 019-0059

Section: A-A8 Schedule: Monday 1:00 – 3:00PM Date: Aug/24/2021

Position for the lowest Rank: Creditors

2) Activity 1: What I Know Chart, part 1 (3 mins)

Their essence is to make a What is the essence of any

1) Activity 3: Skill-building Activities (18 mins + 2 mins checking)

In reference to the figures above in LO2, on what aspects do shareholders demand

Describe the broad role of the shareholders of the corporation.

2) Activity 4: What I Know Chart, part 2 (2 mins)

What are the reasons why The characteristics of

What are the responsibilities of

What is the essence of any It would be a good help in

3) Activity 5: Check for Understanding (5 mins)

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