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.