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Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently...

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Accounting

Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently become a listed company. In accordance with corporate governance principles Saxophone maintains a small internal audit department. The directors feel that the team needs to increase in size and specialist skills are required, but they are unsure whether to recruit more internal auditors, or to outsource the whole function to their external auditors, Cello & Co.
In respect of the corporate governance of Saxophone Enterprises Co: (i) Identify and explain FIVE corporate governance weaknesses; and (ii) Provide a recommendation to address each weakness.

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