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Case Description Company FKC is a large manufacturing organization that has led the market for five years, with an employee base of 300,000 employees countrywide. The executive management team of FKC has decided to list the company on the Singapore Exchange (SGX) as a result of its success. The management team of FKC has always been focused on making money and has never really implemented any formal structures in the organization. They realize that in order to list their organization on the SGX, they will have to implement formal structures to ensure they comply with all the required laws and regulations. Management of FKC understands that internal auditors can assist them in achieving their objectives and specifically seeks advice on the following matters: They would like to know whether to implement an in-house internal audit function or whether to fully outsource their internal audit function. They also need to know whether or not the internal audit function has a role to play in assisting them with their risk management responsibilities. They have heard of the term "enterprise risk management" but do not understand what it involves. The organization faces a number of business and information technology risks and is unsure of how to manage them completely. They also need to know who is responsible for the management of risk in the organization and whether there are any risk management processes that can be followed in identifying risks for the organization. They have heard of the term "control self-assessment" but do not understand how it can benefit the organization's risk management strategy. They have also heard of "corporate governance". They are not sure what good corporate governance entails and also need to know if they will have to adhere to the Singapore Code of Corporate Governance (the Code) and the accompanying practice guidance once they are listed on the SGX. You and your specialized team of certified internal auditors have been tasked to provide FKC management with advice on each of the above issues

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