1. Explain the differences between internal and external auditing. 2. What are the key components of internal control? 3. Why must directors provide adequate disclosure in financial reporting? 4. To whom should adherence to ethical values apply and what is the value and purpose of professional codes of ethics? 5. Who are the stakeholders with whom a business should consult and what is the value of consultation and the involvement of stakeholders? 6. What is the purpose of corporate governance mechanisms and what are the crucial components of corporate governance principles? 7. Why is adherence to ATO reporting deadlines important? 8. Explain why work practices are influenced by the segregations of duties