Please give a good explanation for both parts. Thank you for being the best.

Part 1 Context: Regulators understand that provisions cannot be too exhaustive, due to the dynamic nature and diversity of the many public companies under such provisions. As corporate governance reforms continue to follow a more principles-based approach to regulation as opposed to a rules-based approach, organizations should consider adopting some of the corporate governance best practices outlined by the Conference Board, American Law Institute, American Bar Association, and institutional investors. Adopting corporate governance best practices may aid an organization to follow various corporate governance reforms. In addition, corporate executives may find it beneficial to engage the services of outside counsel to follow reforms. These two measures may allow the organization to understand various provisions, and therefore be able to comply more adequately with those provisions.

Discuss the factors that have led to the transformation of the Institute of Internal Auditors definition of internal auditing.

Part 2. Context: Internal auditors give information to management based on the information needs of executives and decision makers within the organization. If such a process were regulated, then the information provided by internal auditors could become more standardized to follow applicable laws. This, in turn, could cause such information to be less effective for managers. Thus, regulation in the internal audit process may not be helpful to effective decision making within the organization, especially since regulations are already in place for external reporting and independent audit behavior.

Explain how an internal auditors knowledge in internal controls can ensure effectiveness of the corporate governance structure.