The collapse of major international companies during the

The collapse of major international companies during the 1980s, including Maxwell, BCGI and Polly Peck, Enron and Worldcom in 2002 sparked a renewed interest in corporate governance. These collapses were often unexpected, and dubious or even fraudulent activities were sometimes attributed to their owners and managers. These events represented a nasty shock for countries, such as the UK and the USA that felt they had well regulated markets and strong company legislation.

As one of its key efforts to enhance the level of corporate governance in Malaysia, a high level committee known as the Finance committee on corporate governance and composition of audit committee was establish. The revised Code details the function, qualification and composition committee, the frequency of meeting and the need for audit committee member to attend continuous training to abreast of the developments in financial, regulations, economy and other areas.

Required:

a) Describe the FOUR (4) key players in the issue of enhancing corporate governance. (12 marks)

b) Explain the FOUR (4) roles of the auditor with respect to corporate governance. (12 marks)