- related to F8 (ACCA)
Bright rims Limited is a major sports rims supplier to Singapore market. It wishes to list on the stock exchange but was told that it must meet up with some governance requirements. Mr Spritzer, CEO has total dominance on Board as he is the major shareholder, with the rest owned by his brothers. He has 3 Executive Directors and 2 independent Non Executive Directors who just graduated from the ACCA. The latter were paid minimal director fee pending Mr Spritzer’s decision to hire them as internal auditors.
Ka Gee Lang Audit firm has been a trusted external auditors for Bright Rims Limited for the past 12 years. Occasionally they were given Consultancy contract to source for new factory workers.
Required:
a) Advise the firm on improving Corporate Governance standards before seeking a listing on Stock Market. [10]
b) Explain the usefulness of independent Non-executive Directors in the context of case study. Suggest improvements based on your identified weaknesses in your answer. [6]
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1 comment:
F8 candidates,
Please attempt the question and pass up next week.
Happy trying:)
Marcus
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