Corporate Governance & Audit Committees Made Easy | ACCA & ICAN

Corporate governance and audit committees explained simply—with everyday examples, a fully taught practice question, model answers and revision. Build your understanding for ACCA Audit and Assurance (AA), ICAN audit studies and university accounting courses. Welcome to Lilian ACCA School: ACCA Made Simple! In this detailed lesson, we move from “What does corporate governance mean?” to identifying governance weaknesses and writing practical recommendations in an exam answer. If boards, independent directors and audit committees have felt confusing, this lesson breaks them into small, understandable steps. Learn the terminology, understand why each principle matters, and practise applying it to a company scenario. WHAT YOU WILL LEARN ✅ Corporate governance, accountability and transparency ✅ Shareholders, management and those charged with governance (TCWG) ✅ Executive, non-executive and independent directors ✅ OECD governance principles ✅ The UK Corporate Governance Code and “comply or explain” ✅ Why the CEO and chair roles should be separated ✅ Audit committee composition, independence and responsibilities ✅ Oversight of financial reporting, internal controls and auditing ✅ Board responsibility for risk management ✅ How to answer: deficiency → consequence → recommendation PRACTISE WITH ME We work through the Alpha Co scenario step by step, covering: • Combined CEO and chair roles • An unbalanced board • An unsuitable audit committee • Directors setting their own pay • Internal audit oversight • Weak risk monitoring You also get a revision quiz, common exam traps, a chapter recap and Beta Co homework. WHO IS THIS LESSON FOR? ACCA AA students, ICAN students building their audit and governance foundations, university and college accounting students, and anyone who wants company governance explained clearly. The lesson uses UK Code and OECD examples. Apply the framework required by your examination syllabus. HOW TO USE THIS LESSON Keep a notebook beside you. Pause before each model answer, attempt the requirement yourself, then compare your explanation with the lesson. Use the timestamps to revisit difficult topics. VIDEO CHAPTERS 00:00 Welcome and why governance matters 03:00 What is corporate governance? 06:37 Why governance matters to auditors 08:57 Accountability and transparency 10:10 Shareholders, management and TCWG 16:07 Executive and non-executive directors 18:34 Independent oversight and independence 21:02 OECD governance principles 26:53 UK Corporate Governance Code 28:02 “Comply or explain” made simple 31:30 The five areas of the Code 34:26 Why separate the CEO and chair? 37:51 Deficiency → consequence → recommendation 40:47 Audit committees explained 43:11 Audit committee independence and expertise 45:32 Audit committee responsibilities 50:13 Benefits and limitations 52:35 Board responsibility for risk 57:14 Alpha Co: guided practice question 59:33 Understanding the requirement 1:00:43 Model answer: combined CEO and chair 1:01:52 Model answer: board imbalance 1:03:03 Model answer: unsuitable audit committee 1:04:13 Model answer: directors setting their pay 1:05:23 Model answer: internal audit oversight 1:06:32 Model answer: weak risk monitoring 1:07:44 Audit committee responsibilities: short answer 1:08:55 Revision quiz 1:11:14 Common exam traps 1:13:00 Beta Co homework 1:14:08 Chapter recap 1:17:39 Governance and automated decisions 1:19:34 Thank you and private revision sessions PRIVATE REVISION WITH LILIAN Want detailed past-question practice and support applying the concepts? Contact Lilian Aikpitanyi about paid private revision sessions at Lilian ACCA School. WhatsApp: https://wa.me/2348039189712 Phone: +234 803 918 9712 Send “GOVERNANCE REVISION” and tell me which exam you are preparing for. 👍 LIKE if this explanation helped you. 🔔 SUBSCRIBE for more accounting and audit lessons. 📚 SHARE with a classmate who needs a simpler explanation. COMMENT BELOW: Which topic was hardest for you—board independence, audit committees or writing recommendations? Independent teaching by Lilian ACCA School; this is not an official ACCA or ICAN lesson. #CorporateGovernance #ACCA #ICAN