The directors of Rexking Co. Ltd are also concerned on the way the company is being managed. They are of the view that basic managerial functions expected for the efficient running of the business are missing. Some stakeholders of the company have also expressed similar concerns, with regard to their interest in the company. As the accountant of the company, you are required to write a report to the directors, based on preliminary observations: (a) To explain the basic functions to be considered for the company to be managed efficiently;(b) To explain the possible causes of agency conflicts between the stakeholders and how such conflicts could be overcome