Explain how an audit committee could improve its effectiveness on internal auditor's internal control review and oversight work. ii) i) Discuss the problems associated with initiatives that been put forward to ensure independence of members of audit committee.
a) 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.
i) Explain how an audit committee could improve its effectiveness on internal auditor's internal
control review and oversight work.
ii) i) Discuss the problems associated with initiatives that been put forward to ensure independence
of members of audit committee.
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