Shareholders Broad Role:

Provide effective oversight through election of board

of board members, approval of major initiatives such
as buying or selling stock, annual reports on
management compensation, from the board.
Board of directors Broad Role:

The major representative of stockholders to ensure

that the organization is run according to the
organization's charter and that there is proper
accountability.

Specific Activities:
1.Overall Operations
-Demonstrating leadership.
-Crisis management.

2. Performance
- Approving the plan, budget and corporate policies
- Formulating and overseeing implementation of
corporate strategy

3. Compliance/ Legal Conformance

Non-Executive or Independent directors
- Understanding and protecting the organization's
financial position.
- Ensuring an effective system of internal controls
exists and is operating as expected.
Broad Role:

The major representative of stockholders to ensure

that the organization is run according to the
organization's charter and that there is proper
accountability.

Specific Activities:
-to ask appropriate questions relative to operations
-to prepare for and attend board meetings,
Management Broad Role:

Operations and accountability. Manage the

organization effectively; provide accurate and timely
reports to shareholders and other stakeholders.

Specific Activities:
-provide information to the board
- act as conduit between the board and the
 organization
Audit Committees of the Boards of Directors Broad Role:

Provide oversight of the internal and external audit

function and the process of preparing the annual
financial statements as well ag public reports on
internal control.

Specific Activities:
-Selecting the external audit firm
-Selecting and / or approving the appointment of the
Chief Audit Executive (Internal Auditor)
Regulators Broad Role:
1. Board of Accountancy
Set accounting and auditing standards dictating
underlying financial reporting and auditing concepts;
set the expectations of audit quality and accounting
quality.

Specific Activities:
-Conducting CPA Licensure Board Examinations
-Approving accounting principles

2. Securities and Exchange Commission(SEC) Broad Role:

Ensure the accuracy, timeliness and fairness of public
reporting of financial and of other information for
public companies.

Specific Activities:
-Reviewing filings with the SEC
-Interacting with the Financial Reporting Standards
Council in setting accounting standards
External Auditors Broad Role:

-Perform audits of company financial statements to

ensure that the statements are free of material
misstatements including misstatements that may be
due to fraud.

Specific Activities:
- Audit of public company financial statements
-Audits of nonpublic company financial statements
Internal Auditors Broad Role:

Perform audits of companies for compliance with

company policies and laws, audits to evaluate the
efficiency of operations, and periodic evaluation and
tests of controls.

Specific Activities:
-Reporting results and analyses to management
(including operational management) and audit
committees
-Evaluating internal controls