Question 1 (10 marks 2S minutes) As part of the audit of corporate governance: International Insurance Inc. (III) has agreed that it will conduct an audit of the audit committee oversight process. The audit will be conducted by a consulting organization that specializes in internal audit outsourcing and audit consulting. The scope of the audit is to compare III's audit committee practices to published best practices for audit committees. III has requested an analysis of its audit committee practices: as well as suggestions for improvement where warranted. To facilitate the audit: you: CIA (Certified Internal Auditor): an employee of the consulting organization: have accumulated a list of best practices from two internal control frameworks and from publications provided by the CPA Canada and its predecessor organization: the CICA (Canadian Institute of Chartered Accountants) and from the (IIA) Institute of Internal Auditors. III will provide a copy of the corporate audit committee charter, as well as the agreed upon scope of work of the audit committee: and minutes of the board meetings of both the audit committee and the board for the last two years. III has also agreed that one hour interviews will be held with individual audit committee members: executive management: the director of intemal audit and the audit partner responsible for the financial statement audit of III. These interviews have been scheduled over a two week Required: Describe the five components of the definition of auditing. For each component: identify which aspects of the narrative above fit the definition. Use a table: as shown below, to or amze our re onse: Description of definition of auditing com onents Aspect of the narrative above that fits the definition