Question 4b
Marking Guide
benefits of audit committee | |
| up to 2 marks for each point. 1 for the benefit and 1 for applying that benefit to conoy co. | |
| 1 mark only where point stated in general terms | |
| – assistance with financial reporting | |
| – enhance internal control systems | |
| – reliance on external auditors | |
| – appointment of external auditors | |
| – best practice – corporate governance | |
| – independent advice to board | |
| – advice on risk management | |
| – other valid points e.g. may be cost benefits over time. | |
| maximum marks | 12 |