audit

I don't know. Where did you find this? Are you sure you have copied it correctly?

why is corporate government important

That is a very vague question.....best answered by checking the course notes.

Alkemist Thanks for coming as moderator. Really enjoy your contribution. Gives another angle to view Mr Gromit answers.

@jodiann: it's corporate governance, not corporate government. Corporate governance is the way companies are directed and controlled. If you were a shareholder, or other stakeholder, I should think you might find that very important - shareholders are the owners after all and directors should act on their behalf. All this is explained in the notes and lectures.