Audit committees in the recent past have become a common mechanism for corporate governance internationally. Corporate governance is the process by which the director of a particular company ensures that the company functions properly. This is strictly about monitoring senior managers and being accountable to shareholders. Ultimate power often rests with shareholders who are relatively weak compared to directors. This is because, in most institutions, shareholders are the sources of funding, and when they are dissatisfied, they can sell their shares. In particular, government bodies, researchers and regulators from various countries have raised questions about the effectiveness of audit committees and their significant contribution to corporate governance. Attempts have been made to strengthen the role of audit committees to address corporate governance issues. For example, Cadbury (1992) in the UK. Numerous changes have occurred over time, all affecting audit committees, the functioning of which has been influenced by structural and cultural differences at an international level. This has led to an increasing degree of harmonization and codification. The globally growing acceptance towards the audit system as one of the relevant governance structures is creating a favorable environment for the functioning of businesses. This document will analyze and critically evaluate the effectiveness of the corporate control and governance system. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The effectiveness of the organization's performance is primarily evaluated through system audits. For example, in the case of an information system, an audit of the information system is incorporated to measure its degree of effectiveness. The main purpose of the systems audit is to establish whether systems audits are involved in safeguarding company assets, whether the organization is functioning efficiently and whether the organization supports business objectives effectively. Another objective is to determine whether the organization maintains the integrity of the data communicated and stored. Financial audit of organizations is that involved in verifying financial statements and accounting records. In most cases, to improve the adequate control of the system in this technological era, information systems are designed (Abbott, 2000 p. 50). Information systems help track every financial transaction made, hence the effectiveness of financial reporting. These allow you to rely on the data provided by these systems in balance sheets, statements, ledgers and other accounting practices. In addition to financial audit, operational audits can also be performed in an organization. Operational audits are primarily used in evaluating the effectiveness and efficiency of operations in information systems. Furthermore, technology audits can be used to verify that the choice of information technology is made appropriately, well configured and well implemented. Compensation levels to retain, motivate and attract directors of the required quality should be sufficient in order to improve the company to operate successfully. But the company should take a precaution to avoid paying more than is necessary for the purpose. A significant portion of executive directors' compensation should be structured to serve as a link between rewards and individual and corporate performance (Carcello, 2000 p. 459). Should.