1.Why do you think it is important to identify corporate governance requirements of the business you are working for? List some of the principles of corporate governance set out by ASX. 2.It is said internal control may fail due to inherent limitations. Identify any four weaknesses of internal control. 3.Identify the potential benefits of Information Technology to internal control. 4.Identify the three major documentation techniques of monitoring internal control. 5.Why do not- for -profit organizations require independent audits even if they are not obliged to do so? 6.Identify components of general purpose financial statements prescribed by AASB financial reporting standards. 7.Who are the stakeholders of an organization? List them.