(a) "Industry experience is the most important characteristic of audit committee members for them to be useful to the organisation and the external auditor." Through analysing this question, provide your position on this statement and provide four (4) factors to support your position.

(b) You are a graduate auditor in Panteion Limited's in-house internal audit function (IAF). During the course of your work in the past year, it has come to your attention that significant audit findings in relation to control deficiencies are not being reported to the audit committee. Your discussions with your IAF colleagues have revealed that one of the IAF's key performance indicators is client satisfaction ratings. In order to achieve a high score on this measure consistently across audits of various business units, the chief audit executive deals with these issues by bringing them to relevant managers' attention outside of the formal audit committee reporting process. There is no follow-up on managers' remediation actions. Discuss the ethical issues present in this scenario, and outline what you should do