TRUE or FALSE?1.) The main objective of Risk Management is the mitigation of the risk.2.) Risk avoidance is essential to effective Internal Control.3.) Internal Auditors need not be “independent” , while External Auditors must be.4.) In accordance with SOX, D&)s have sole responsibility for the establishment and maintenance of effective IC systems.5.) It is not possible to have “Good” Corporate Governance without effective Internal Control(IC) , and ethical people.6.) Effective Corporate Governance requires that directors and officers (D&Os) be able to run the company with minimal interference.7.) The key to “Good” Corporate Governance is external regulation.8.) Corporate Governance is a relatively new concern, which dates from corporate failures such as Enron and Worldcom, which caused law-makers to enact the Sarbanes Oxley Act (SOX)9.) SM must provide for Corporate Governance, which is the system by which companies are directed and controlled.10.) Strategic Management (SM) is all about the implementation and the execution of a plan for the business or businesses of an organization.MULTIPLE CHOICE:11.) Corporate Governance is:a.) the way in which companies are governedb.) the system by which companies are controlledc.) the principal responsibility of lawmakers and regulators12.) Cadbury recommendations regarding Corporate Governancea.) are now required by law for all pubicly listen companiesb.) provide for a basic structure which is generally considered ” Best Practice”c.) Both (A) and (B)13.) Corporate Governance concerns:a.) all companiesb.) listed companiesc.) large listed companies14.) Which of the following would contain what are now considered to be generally accepted good corporate governance principles:a.)COSOb.)Cadbury Reportc.) Stock Exchange Rules15.) Corporate Governance is primarily the responsibility of:a.) Directorsb.) Directors and Officersc.) Internal Auditors16.) Which of the following stakeholders has had the most significant impact on the Corporate Governance structures of companies in the USA in recent times:a.) Shareholdersb.) Institutional Investorsc.) Creditors17.) The COSO and Turnbull models are:a.)legally required for listen companies in the US/UKb.) laws which must be complied with, rather than guidelinesc.) Neither (A) or (B)18.) Internal Controls must be embedded in the organization , and must provide reasonable assurances as to effectivea.) Strategic Managmentb.) Operations, Reporting and Compliancec.) Both (A) and (B)19.) The role of the Internal Auditor in Internal Control is to:a.) Reviewb.) Reportc.) Both (A) and (B)20.) The role of the External Auditor with regard to Internal Control is toa.) Reviewb.) Reportc.) Both (A) and (B)21.) Risk Management requires a process for riska.) analysis, assessment and avoidanceb.) identification, assessment and responsec.) identification, analysis and management22.) Risk Registers are:a.) required as a matter of lawb.)kept and maintained by regulatorsc.) employed as a risk management tool23.) Risk Management requires the response to risk in accordance with:a.) Policyb.) Ability and Costc.) Both (A) and (B)