True/False (If False correct it) 1. Corporate governance is concerned with management and has nothing to do with internal control. 2. Corporate governance does not cover shareholders because the latter is external to a company. 3. IT governance is evidenced by top management's concern that the IT in place within the organisation is being used appropriately and is consistent with the overall organisational strategy. 4. In terms of IT governance, monitoring and evaluating IT mean that an organisation should ensure that all systems and software are running smoothly and various hardware are energy efficient. 5. Internal controls only protect the physical assets of an organisation. 6. Both COSO and ASA 315 state that internal control should guarantee attainment of organisational objectives, reporting reliability, and legal compliance. 7. Senior management can, consciously or unconsciously, limit the effectiveness of internal controls. 8. To ensure its efficiency and effectiveness, the internal control system should be monitored by both internal and external parties. 9. Effective internal controls can eliminate the risk of financial reporting errors and guarantee that the assertions are met. 10. COSO provides an IT-specific control framework whereas COBIT is a control framework for general internal controls