Problem
The main authoritative source for corporate governance principles in Australia is the ASX Corporate Governance Principles and Recommendation Document (4th Edition, February 2019). Developed by the ASX Corporative Governance Council, these principles are not prescriptive, but describe best practice. Best practice should be adopted by taking into consideration a company's own circumstances and should evolve over time.
• Distinguish between the key principles of internal Control and the Internal Audit function of an organization. What are the key differences of both? Provide organizational examples to support your answer.
• You are the general manager of a large wholesale company in the business of purchasing and distributing spare parts of machinery. Identify and analyze what general corporate governance principle/s and ethical considerations would apply to the operations of this organization.