You are a recent accounting graduate and have joined a small company. The management of the company argue that both accounting standards and corporate governance requirements are too costly and onerous and should be restricted to the large 'top' companies only.

Do you think that corporate governance principles should apply to smaller companies?What would be the advantages of smaller companies complying with corporate governance principles? What might be the consequences for smaller companies of not complying with corporate governance principles?

Can you answer this in 30 minutes?