QUESTION 1 There has been growing recognition in recent years of the importance of corporate governance in ensuring sound financial reporting and deterring fraud. The audit serves as a monitoring device and is thus part of the corporate governance mosaic. (Cohen, 2002). a) Based on the above statement, evaluate on the impact of corporate governance on audit process. (20 marks) b) Discuss the management's responsibility for implementing corporate governance and control procedures in mitigating risk of material misstatement. Provide example. (20 marks) [Total = 40 marks]