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What does independence mean for accountants

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Reference no: EM133031596

Question - Corporate Governance Elon Musk's tweets show that Tesla's board either can't or won't try to keep him in check CNBC, Published 27 February 2019.

Author: Robert Ferris

Robert Ferris reported that Elon Musk (CEO and Chairman of TESLA) disputed with the Securities and Exchange Commission (SEC) over the Tesla board's ability to control the strongminded and unpredictable CEO/Chairman.

"His board has to act," said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. "They seem to be incapable of acting, which is very disappointing."

Robert Ferris mentioned that "The board's independence and ability to restrain Musk have been frequently called into question. Several board members have close ties to Musk either through family or business."

Required -

a. Explain why board independence is important in general. Discuss the role of officers, non-executive board members, and shareholders.

b. What does independence mean for accountants?

Reference no: EM133031596

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