• Define a corporations Internal Control system and discuss the fiduciary responsibilities of a companys Board of Directors and its Executive Leadership to external stakeholders'.
• Discuss and contrast the responsibilities of management and the company's external auditors.
• Discuss any paradoxes between providing adequate internal controls while reducing overall company costs (cost-benefit relationship); you should include a brief discussion of the Sarbanes-Oxley Act dynamics and requirements in your conversation.
• Discuss any conceptual thoughts regarding Agency/Stewardship Theory and provide any insights into providing adequate internal controls and either the support or reluctance of management. In other words, do individuals with certain predispositions are more or less supportive of adequate internal controls?
• Discuss how Agency/Stewardship Theory may influence the budgeting process, the structure and analysis of Responsibility Centers (Cost, Revenue, Investment Centers), and policies surrounding transfer pricing within a company.