ESSAY: Direction: Explain the following statements/question in not less than 5 sentences. 1. Assume that management had determined that its organization's audit committee is not effective. How do the weaknesses in audit committee affect management's evaluation of internal control over financial reporting? Would an ineffective audit committee constitute a material weakness in internal control over financial reporting? State the rationale for your response. 2. Why is there a need for a corporation to maintain a comprehensive and cost- efficient communication channels to shareholders and other investors? 3. What is the objective of the company in having a strong and effective internal control system? 4. To what may the shareholder's rights relate? 5. How may participation of employee in corporate governance be encouraged