Reference no: EM132833919

One of the objectives of a system of corporate governance is to secure the effective, sound and efficient operation of companies. This objective transcends any legislation or voluntary code. Good corporate governance embraces not only making the company prosper but also doing business in a legal and ethical manner. A key element of corporate governance is the audit committee. The Audit Committee is a committee of the board of directors and is of a voluntary nature regulated by voluntary codes.

You are required to:

Problem i) Explain how an audit committee could improve its effectiveness on internal auditor's internal control review and oversight work.

Problem ii) Discuss the problems associated with initiatives that been put forward to ensure independence of members of audit committee.