Explain the concepts of internal control

Reference no: EM133269147

Assignment - Internal Control and corporate governance

Essay - The principle-agent problem in internal controls and corporate governance.

In your own words, explain the concepts of internal control and corporate governance. Be sure to address the following issues:

Explain the principal-agent problem and how it gives rise to the need for internal controls and corporate governance.

What is the purpose of internal controls?

What are some common internal control weaknesses that firms encounter and what are some common rectifications?

What are some indicators of good governance and what are some indicators of bad governance?

What are some mechanisms that firms can put in place to improve governance? Be sure to discuss internal based mechanisms and market-based mechanisms.

Discuss issues associated with compensation and how it applies to internal controls and corporate governance and exacerbate or mitigate the P-A problem in these contexts.

Reference no: EM133269147

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