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Audit committees of 
independent non-executive directors
should liaise with 
external audit, supervise 
internal audit
, and 
review
the 
annual accounts
and 
internal controls
. 

 
Annual reports must 
convey
a 
fair and balanced view
of the organisation. They should state whether the 
organisation has complied with governance regulations and codes, and give specific disclosures about 
the board, internal control reviews, going concern status and relations with stakeholders. 

 
There is a fundamental split of views about the nature of corporate responsibility. 
– The 
strong stakeholder view 
that a range of goals should be pursued 
– 
The view that the business organisation is a purely 
economic force
, subject to law 
Expectations about the exercise of 
social responsibility 
by organisations are subject to the same split of 
views as corporate ethical responsibility. One definition of corporate social responsibility is that set of 
actions which the organisation is not obliged to take, taken for the well-being of stakeholders and the 
public. 
CHAPTER ROUNDUP 
BPP Tutor Toolkit Copy

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CHAPTER 7
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CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY 
 
195 
 
1
Choose the correct word from the following to fill the gap: cost/internal control/risk. 
The management and reduction of ........................................ is fundamental in all definitions of good 
governance. 
2 
Features of good corporate governance include the following. 
 True 
 
False 
Splitting the roles of Chair and chief executive 
Appointing a majority of executive directors on the board