Question 4

- Auditing and governance 10 Marks PART A (5 marks) Corporate governance is recognised as the responsibility of the board of directors. Required: What is corporate governance and explain the importance of an audit to corporate governance. __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ PART B (5 marks) Audit tools fall into two categories: internal control frameworks and CAATs. Required: i) Identify and distinguish the two examples of control frameworks ii) What are CAATs and how might CAATs be used during an audit?