Corporate Governance

Reflections on

Corporate Governance

and the role of the

internal auditor

(2005)

Jan Cattrysse

Master of Internal Auditing

Roularta Media Group

Contents

Introduction………………………………………………………………………. p. 1

Chapter I: Corporate Governance, what’s in a name?…..…………………….…. p. 3

Chapter II: Historical Background and codes………………………..……….…..

II.1 USA………………………………………………………….…………..…..

II.2 United Kingdom……………………………….……………...…………….

II.3 Belgium………………………………………………………...……………

II.4 Other…………………………………………………………...……………

p. 6

p. 6

p. 8

p. 10

p. 11

Chapter III: Participants………………………….……………………………….

III.1 Board of Directors………………………………….………………………

III.2 Audit Committee…………………….……………………..…….…………

III.3 Management………………………….…………………………..…………

III.4 Stakeholders………………………….……………………………..………

p. 14

p. 14

p. 16

p. 17

p. 18

Chapter IV: Aspects of Corporate Governance………..……………………….…

IV.1 Attributes…………………………………………………………………...

IV.2 Code of Conduct……………………………………………………………

IV.3 Why Corporate Governance matters………………………………….…...

IV. 4 Corporate Governance guarantees?……………………………………….

IV. 5 Corporate Governance and Internal Control……………………………...

p. 20

p. 20

p. 21

p. 22

p. 24

p. 25

Chapter V: Corporate Governance and the media…….…………………………. p. 28

V.1 The role of the media regarding Corporate Governance……...……….….. p. 28

V.2 Corporate Governance regarding the media……………......….…….…… p. 30

Chapter VI: The Internal Auditor and Corporate Governance……………..…….

VI.1 The relationship between Corporate Governance and the Auditor…...…...

VI.2 Implications of Corporate Governance on the Audit Profession…..…...….

VI.3 The Position of the Auditor in a Corporate Governance ‘environment’…..

VI.4 Special Aspects deserving Special Attention………….……………...…….

Ethical values and integrity……….…………………………………..

Fraud……….………………………………………………………….

Corporate Social Responsibility……….……………………………...

Risk assessment and risk management……….……………………….

VI.5 The Auditor’s...