Good corporate governance is said to be one of the key contributors of the companys success. a) Define what corporate governance is, and explain why an effective internal audit function and the audit committee are referred to as one of the cornerstones of good corporate governance? (8 marks) b) International standard in audit 220(ISA 220) quality control for audit financial statements gives 6 main requirements of quality control procedures for an audit of financial statements of the audit firm. List the any three of the six elements of quality control and provide one example of a policy or procedure that can be used to fulfil each of the three elements listed. (9 marks) c)After discussing the audit standard ISA 220 quality control for an audit financial statements, one of your classmates thinks that auditing of audit firms should be one of the ways of ensuring quality in the audit firms, but then your classmate is wondering as to who audits, audit firms. Explain clearly to your classmate as to who audits, audit firms and how quality control is maintained in audit firms (8 marks)