Internal Control And Corporate Governance Principle-Agent Problem

Internal Control And Corporate Governance Principle-Agent Problem

Essay: The principle-agent problem in internal controls and corporate governance
In your own words, explain the concepts of internal control and corporate governance
Be sure to address the following issues:
? Explain the principal-agent problem and how it gives rise to the need for internal controls and corporate
governance.
? What is the purpose of internal controls?
? What are some common internal control weaknesses that firms encounter and what are some common
rectifications?
? What are some indicators of good governance and what are some indicators of bad governance?
? What are some mechanisms that firms can put in place to improve governance? Be sure to discuss internal
based mechanisms and market-based mechanisms.
? Discuss issues associated with compensation and how it applies to internal controls and corporate
governance and exacerbate or mitigate the P-A problem in these contexts.

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