1. Define "independence" in the context of audit committees and explain why it is good governance for the audit committee members to be "considered independent" at the time of their appointment. (10 marks )
2. Explain the nature of an appropriate relationship with the company's external auditors and discuss how company's audit committee should respond if it believes the relationship to be too close.
3. Discuss two corporate governance goals that will take countries into the 21st century. Are these goals appropriate ? why?