Auditing is viewed as an integral part an organization’s corporate governance.

Required:

a. What is corporate governance?

b. How does the audit contribute to corporate governance?

c. What role does risk analysis play in corporate governance?

d. Who is the auditor’s client; that is, is it management, the board of directors and audit committee, stockholders, lenders, or other outside stakeholders, or all of the above? Why does it matter that we clearly identify the audit client?