How corporate actions effectively affects the price of a stock

Hi guys,

Im learning a little bit about how the stock market works in a exchange, and i understood the following:

At the beginning of the day there is an auction at the exchange(before the market starts), people can give their bids and asks, and there is an algorithm at the exchange system to match this, in order to maximize the number of trades. It defines the opening price of the asset, and after that the market operates normally(bids, asks and trades), and at the end of the day there is another auction to define the close price(at the same way as at the morning).
Now saying about corporate actions, i've always used corporate actions to correct prices in the past, but how it works when a corporate action is paid, in the exchange level? in a split for example, the exchange that correct the prices at the auction? or the people their bids and asks at the auction? How does it works for someone (in a brokerage) that sent a order in a day before the split?(the brokerage will correct its offer?, the offer is cancelled?

Thanks in advance!

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