Cloud 9 is a profitable private pharmaceutical company in Canada. It is 100% owned by Dr. Patrick Star, a prominent neurosurgeon from Windsor, Ontario. In response to the growing criticism over an increase in addiction to pain medications, Dr Star developed a drug that relieves pain with no addictive characteristics. After the necessary approval of the drug by Health Canada, Cloud 9 was successfully launched and many experts predict it will become the leading pain medication in Canada within the next few years. Dr. Star is now interested in expanding the company and is thinking of taking it public. He has contacted you for help in preparing the organization to meet the needs of a public company At your meeting, Dr. Star confesses, "I know that going public is not 'brain surgery, but I am a little nave when it comes to running a public comapny. I'm told that the key to success is to have sound corporate governance, whatever that is. All i know is that as a public company we will have to establish an Audit Committee but I have no idea what they will do." He also hears from a family member that he will also need an internal audit department which seems an unnecessary duplication to him since the company will need to hire an audit firm anyway. "If it really is necessary, I think they should report to my office manager who has been with me since the start and can give them the best insight into what we do. All of our other managers and executives have joined as we expanded. The office manager is extremely overworked so they can really help by overseeing payroll and credit for her. I don't know what else they would do for us. I really need you to set out for me what I need to know and whether I'm on the right track regarding corporate governance." Please prepare a written report addressing Star's request