Question 1 Confidence in company reporting depends on the effectiveness of the internal controls and risk management pro

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Question 1
Confidence in company reporting depends on the effectiveness of
the internal controls and risk management processes that directors
put in place and oversee. High-profile firm failures where weak
internal controls and poor risk management have been evident have
eroded that confidence.
Required:
i) Explain the need for strengthening the internal control
framework for Fijian businesses? What would you see as the
principal benefits of stronger regulation of internal controls?
ii) Should External audits of the internal controls be mandatory
for Fijian businesses. Explain your answer.
Question 2
Paying a dividend leaves a company with fewer assets with which to
meet its liabilities to creditors and meet other demands for
capital. For this reason, there are legal constraints on the amount
a company can distribute in dividends such as a requirement that
they cannot be paid out of capital but only paid from a company’s
accumulated realized profits less its accumulated realized
losses.
Required:
Explain 2 ways for strengthening the distribution of dividends
payment for the future solvency of a company?