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Auditing and Assurance: Examine the role of audit committees. Your answer should address, as a minimum,...

Auditing and Assurance:

Examine the role of audit committees. Your answer should address, as a minimum, the following questions:
What are audit committees?
What do they do?
What qualities are expected of audit committee members?
What are the benefits of having audit committees?

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Answer #1
  • Audit committees are committees in a corporation's board of directors who are responsible for financial reporting process, selection of independent auditor and receiving of internal and external audit reports.
  • The primary purpose of audit committee is to provide an oversight of financial reporting process, audit and internal controls in a corporation.
  • Audit committee members must have the quality of professional scepticism, should be a good listener and a speaker and must be able to challenge the auditors.
  • The benefits of having audit committee are: it provide insights to see financial reporting process, oversee the organization's external audit, create and maintain anti-effective program for frauds and enhance the internal control and audit function.
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