B Com Exam > B Com Videos > Auditing and Secretarial Practice > Meeting of Board & its Power I - Meeting and Proceedings, Auditing and Secretarial Practice
Meeting of Board & its Power I - Meeting and Proceedings, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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55 videos|53 docs|24 tests
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FAQs on Meeting of Board & its Power I - Meeting and Proceedings, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the purpose of a board meeting? |  |
Ans. A board meeting is held to discuss and make important decisions regarding the company's operations, strategy, and policies. It serves as a platform for board members to review the company's performance, assess risks, and provide guidance to the management. The purpose is to ensure effective governance and accountability.
| 2. What are the powers of a board of directors? | |
Ans. The powers of a board of directors include making strategic decisions for the company, approving budgets and financial statements, appointing and supervising executive officers, setting policies and guidelines, overseeing risk management, and ensuring compliance with legal and regulatory requirements. They have the authority to make crucial decisions that impact the company's overall direction and performance.
| 3. What are the key proceedings during a board meeting? | |
Ans. Key proceedings during a board meeting typically include reviewing and approving minutes from the previous meeting, discussing and voting on agenda items, receiving reports from management, addressing any conflicts of interest, making decisions on important matters, and setting future meeting dates. The proceedings should follow a structured format to ensure efficient and productive discussions.
| 4. Why is auditing important in board meetings? | |
Ans. Auditing plays a crucial role in board meetings as it ensures transparency, accuracy, and reliability of financial information. Audits provide an independent evaluation of the company's financial statements, internal controls, and compliance with laws and regulations. The board relies on audit reports to make informed decisions, assess risks, and maintain the integrity of the company's financial reporting.
| 5. What is the role of secretarial practice in board meetings? | |
Ans. Secretarial practice in board meetings involves managing administrative tasks, ensuring compliance with corporate laws and regulations, maintaining records and minutes of the meetings, and assisting the board in fulfilling its legal obligations. The company secretary plays a crucial role in facilitating communication between the board, management, and shareholders, and ensuring proper documentation and follow-up on board resolutions.
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Nov 16, 2024 Last updated |
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