Assess the accountability of audit committees and internal auditors in relation to the Satyam scandal. I. The audit committee, part of the board of directors, plays an important role in preventing fraud. They are directly responsible for overseeing the work of any public accounting firm, such as PwC, employed by the company. They must also pre-approve all audit services provided by the auditors. ii. It is also necessary to evaluate objectivity to ensure the reliability of the internal audit. Internal audit must also be free from conflicting responsibilities b. Do you believe that making regulatory changes would help prevent such fraud?i. Only a few changes can be made to the audit process to prevent fraud. Regardless of what regulations may apply, the audit process still relies on human opinion. In a case like Satyam, an auditor who performed his job to the highest standards would most likely have caught Satyam in the end. As stated in the case, misrepresentation of cash is one of the easiest fraudulent activities to detect. The simple request for account statements allows you to verify the liquidity actually held by the company.VI. Legal and ethical implications. Legal