ESSAY- What do you think the contribution of the internal and external auditor for a corporation?

Internal and external auditor has its important contribution in the corporation, the internal auditor are
the one who is task to educate management and staff about how the entity can function
better while the external auditor have no such obligations but they are the one whose
responsible for reviewing financial statements to ensure that they are accurate and conform to
the GAAP.

TRUW OR FALSE
1. Effects on the environment is one of the consideration mandated by the code in chapter
3 and 4 for publicly listed corporation.-true
2. Corporate governance plays major part as far as the achievement of a corporations
goal- true
3. Rights of shareholders which was ruled out has to be communicated to the board of
directors thru the policy and procedure implemented by them to cater such incidents-
true
4. Taking responsibility is something that absolutely limit the person in authority to abuse
its power.- true
5. Non – intervention already shows unbiased side of the in-charged of governance.- false
6. When choosing effectiveness, it is necessary to consider as well efficiency unless no
other standard of effectiveness is required for survival.- true
7. One responsibility of enterprise risk management team is to anticipate risk the company
may possible to face- true
8. Equal treatment of the shareholders is mandated in the code of corporate governance
for publicly listed corporation and therefore not required in nonpublic listed corporation.-
true
9. Related party transaction should be disclosed on the report as masndated by the code
in GAAP - true
10. Corporate governance has no same foundation at all even in few things with the
national governance- false
11. External auditor is focused on expressing an opinion whether the financial statement is
free or not of material misstatements therefore. It is not their obligation to look for fraud
or errors- false
12. Independent directors are part of non-executive directors - false
13. Internal auditors are focused on the compliance with the policies and procedures that is
why whenever there are issues on the accuracy of the report.it is not much of a
concern- true
14. One of the rights of the shareholder which has to be protected is the pre emptive-rights
in which to offer the last available stock to existing shareholders after offering to public-
true
15. Shareholders are always part of the stakeholders. However, not every stakeholders are
shareholders.- true
16. Timely intervention action already shows unbiased side of the in-charged of
governance- false
17. The board of directors are agent of the principal which are shareholders- true
18. Initially, the management are responsible to internal control , however after the audit,
the responsibility is passed to the auditors- true
19. An independent director should serve first for 9 years before he/she can serve as non-
independent director- true
20. The codes talk about in chapter 3 and 4 are mandated to publicly listed corporation
therefore it is not proper for non-publicly listed corporation to adopt such code.- true
21. Transparency is one of the ingredients of good governance as it does not help make
convince everyone that your actions are for the greater if cannot be for everyone.- true