Recent legislation in the U. S. has called for reports on the effectiveness of internal control as part of a normal reporting process on the effectiveness of governance. Please identify the recent legislation and major sections of the acts.

2. Describe the major determinants of an effective governance system, and how these determinants vary across types of organizations or cultures? What cultural differences most affect the nature of organizational governance?

3. Are there significant differences in the identification of and accountability to, various stakeholders that may vary by type of organization, culture, organizational objectives, and so forth? How do such differences affect the nature of organizational governance?

4. Are there inherent conflicts in reporting responsibilities when internal auditors report to both the audit committee and to various levels of management? What are the parameters of the ideal reporting relationship? Explain.

5. What type of internal audit structure enhances the accountability of entities? How can the internal audit function best increase accountability to various stakeholders? Explain.