True or false

1. In the reality of corporate governance at the time of this century, board of directors are often dominated by management friendly insiders.
2. Non-executive directors should be independent ,whereas the executives will usually not be.
3. Where designing an incentive contract ,it is important for the board of directors to set up an independent compensation committee that can carefully design the contract and diligently monitor manager's actions.
4. The concept of reasonable assurance regarding control recognizes that the benefits of internal control should not exceed the cost.
5. An integrated audit involves auditing a public company, internal control as well as their financial .
6. Control is considered to be part of corporate governance.
7. The auditor is required to report material weakness to the audit committee.
8. The quality of an organization's internal control will affect both the audit approach and the amount of testing needed for an engagement
9. Suppose the managers of a company have driven the stock price down because they have spent the investors' money on lavish perquisites like golf club memberships. This situation may prompt a corporate raider to buy up the shares of the firm in a hostile takeover.