3. You are the Manager of Internal Control. During an audit, several internal control weaknesses were identified, which were discussed with President of the organization. At the conclusion of the discussion, he informs you that that there is no reason for you to inform the Board of Directors. He states that he believes they should not have to deal with major policy decisions and not to burden them with the day-to-day management problem. How would you respond to this suggestion? Explain fully. (3 Marks)

4. In terms of internal control, what is a management letter and what is its significance?