Management Advice and Control
Good governance, in public and private institutions, requires good control. In the private sector, this control is related to the profit motive, which implies a good measure of transparency and prompt and reliable information. Private-sector firms need to periodically announce the quantified results of the enterprise, and they need to clearly inform shareholders and the stock exchanges of those results on the basis of established and reliable data. Internal and external auditors audit their books, expert firms survey their management and advise their senior executive officers and boards of directors, assessments are published in specialized journals. Corrective action is taken promptly under the threat of market sanctions.
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