1. The best candidate should be appointed .............. the post





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Answer the questions based on the following information. To get admission in a management course at Dadhichi Institute of Management (DIM) following criteria are given. A candidate must: 1. be a graduate from a recognized university with minimum 54 percent marks. 2. not be more than 33 years of age as on 1.4.2008. 3. have secured 60 percent or more marks in the entrance test. 4. pay one-time deposit fee of Rs. 2,00,000 at time of admission. 5. pay tuition fee of Rs.4,000 per month. Any candidate who fails to fulfill the condition (4) at above, he/she may be referred to the chairman-admission. Any candidate who has scored 80 percent mark in the entrance test but does not fulfill the condition (1) at above, he/she may be referred to the director. Any candidate having work experience of at least 10 years in supervisory cadre and does not satisfy the condition (2) at above, he/she may be admitted under sponsored quota. Given the above information and condition in each of the following questions, you have to decide which of the following course of action should be taken. You should not assume anything in case of any of the candidates.  Mark answer I. if the candidate is admitted II. if the candidate is not admitted III. if the candidate is referred to the director IV. if the candidate is referred to the chairman- admission V. if the candidate is admitted under sponsor quotaKamaljeet secured 60 percent marks in graduation and was born on 15th April 1976. He scored 56 percent marks in the entrance test. He can pay one-time deposit of Rs. 2,00,000 and monthly tuition fee of Rs. 4,000.
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MCQ-> Read the given information carefully and answer the questions below.The management of the national daily newspaper Tomorrow Digest decides to enhance its subscriber base through major changes in the style, layout, design and content of the paper. In order to make the content more amenable to the mindset of the growing younger population of the country, the paper decides to appoint a number of young and promising Associate Editors. For facilitating the appointment process, several selection criteria were finalized and provided to the selection panel, which are noted in the following. It was noted that in order to get selected, the candidates are required to fulfil, in addition to I, at least three of the following conditions.I. The age of the candidates must not be lower than 25 years, but should not cross 30 years. II. The candidate has secured 60 percent and above at her / his Graduation level. III. The candidate has obtained a Post Graduate Diploma in journalism with at least 55 percent marks. IV. The candidate has gained working experience of a minimum period of 2 years in a daily newspaper with responsibility of regular writing assignments. V. The candidate has been awarded at state-level for her / his articles published in state-level English daily.If, however, it is observed that some candidates fulfil only two conditions from II-V, but does not fulfil:(a) V above, but he /she has already gathered an experience of 5 years in a news agency, the case of the candidate will be referred to the Managing Editor of Tomorrow Digest. (b) II above, but he /she holds a Post Graduate Diploma in journalism with 80 percent marks, the case of the candidate will be referred to the Chairman of Tomorrow Digest. (c) III above, but he /she has completed Graduation with 70 percent marks, the case of the candidate will be referred to the Editor of Tomorrow Digest.All the information about a few candidates applying for the Associate Editor position provided in the following are dated on August 31, 2014. Based on the information furnished, decide in each case, which of the following course of action the selection panel should adopt, from the available options. You are not to assume any information.Sarangsh Malhotra has graduated from Agra University with 66 percent marks and later has completed PG Diploma in Journalism from Indian Institute of Mass Communication, New Delhi with 71 percent. After completion of the PG Diploma programme, she joined Galaxy News at Jaipur on Christmas Eve in 2006. She received an award from the hands of the Governor of Rajasthan for her series of investigative articles on January 26, 2008, a day which coincided with her twenty-fifth birthday. During June next year, she joined in a corporate house and is working there since then.
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MCQ-> Study the following information carefully and answer the questions given below: Following are alternatives eligibility criteria for short-listing candidates for interview for entry level job in a bank: (i) The candidate should have passed SSC with at least 80% marks. (ii) The candidate should have passed HSC with at least 75% marks. (iii) The candidate should be a Arts/Science/Commerce graduate with atleast 60% marks. (iv) The candidate should be a post graduate in any discipline with at least 60% of marks. Any candidate can be eligible under any one or more of the above criteria depending upon their academic pursuits. In each of the following questions, details of one candidate is given. You have to find out under which of the above condition(s) the candidate is eligible and mark your answer accordingly based on the alternatives provided after each question. You are not to assume anything other than the information provided in each of the above questions.Sunil Arora has secured 75% marks in SSC. He completed his B.Com. with 65% marks after completing his Higher Secondary in Commerce. He has now enrolled in the Master’s degree of Commerce.
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MCQ-> Study tin following information carefully and answer the questions given below: Following are the conditions for selecting a Manager Finance in an organization. The candidate must- (i) be a graduate in any discipline with at least 50% marks. (ii) have completed Post Graduate Degree/Diploma in Management with specialization in Finance with at least 65% marks (iii) have post qualification work experience of at least 4 years in the finance department of all organization. (iv) be at least 26 years and not more than 36 years as on 01.12.2011. In the case of a candidate who fulfils all the conditions except- (a) at (ii) above, but has secured at least 60% marks in post-graduate degree/diploma in management with specialization in Finance and at least 70% marks in Graduation. his/her case is to be referred to DGM - Finance (b) at (iii) above, but has post qualification work experience of at least two years as Assistant Finance Manager. his/her case is to be referred to GM-Finance. In each question below. details of one candidate are provided. You have to take one of the following courses of action based on the conditions given above and the information provided in each question and mark the number of that course of action as your answer. You are not to assume anything other than the information provided in each question. All these cases are given to you as on 01.12.2011. Mark answer (1) if the candidate is to be selected. Mark answer (2) if the data provided are inadequate to take a decision. Mark answer (3) if the candidate is not to be selected. Mark answer (4) if the case is to be referred to DGM-Finance. Mark answer (5) if the case is to be referred to GM-Finance. Now read the information provided in each question and mark your answer accordingly.Raman Sharma was born on 19th March 1981. He has been working in the finance department of an organization for the past six years. He has secured 65% marks in B.Com. and 75% marks In his post graduate degree in management with finance specialization.
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