Describe FIVE corporate governance weaknesses faced by Tangerine Tech Co and provide a recommendation to address each weakness to ensure compliance with corporate governance principles

Describe FIVE corporate governance weaknesses faced by Tangerine Tech Co and provide a recommendation to address each weakness to ensure compliance with corporate governance principles

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Section B – ALL SIX questions are compulsory and MUST be attempted
Please write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.
1 You are an audit manager of Satsuma & Co and have been assigned to the audit of Tangerine Tech Co (Tangerine), a
company which is planning to list on a stock exchange within six months. The listing rules of the stock exchange
require compliance with corporate governance principles, and the directors are unsure whether they are following best
practice in relation to this. They have asked the audit engagement partner for their view on this matter.
Tangerine’s board is comprised of six executive directors, a non-executive chairman and three other non-executive
directors (NEDs). The chairman and one of the NEDs are former executive directors of Tangerine and on reaching
retirement age were asked to take on non-executive roles. The company has established an audit committee, and all
NEDs are members including the chairman who chairs the committee. All four members of the audit committee were
previously involved in sales or production related roles.
All of the directors have been members of the board for at least four years. As the chairman does not have an executive
role, he has sole responsibility for liaising with the shareholders and answering any of their questions. The company
has not established an internal audit function to monitor internal controls.
Required:
Using the information above:
Describe FIVE corporate governance weaknesses faced by Tangerine Tech Co and provide a recommendation to
address each weakness to ensure compliance with corporate governance principles.

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