LLL Company is listed on its country’s stock exchange. The following individuals serve on the board of directors: Asif is a non-executive director and is the chairman of the company. Bertrand is the CEO and is responsible for the day-to-day running of the company. Chan is a professional accountant and serves as a non-executive director. Donna is the finance director and is an employee of the company. Esther is a legal advocate and serves as a non-executive director. Frederik is the marketing director of a manufacturing company and serves as a non-executive director. a. Which of the following is the most appropriate composition of directors for LLL Company’s audit committee? Discuss the reasons for the recommended structure of the audit committee A. Chan, Donna and Esther B. Asif, Bertrand and Frederik C. Asif, Esther and Frederik D. Chan, Esther and Frederik

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 2EB: You are an accountant working for a manufacturing company that makes personal care products and has...
icon
Related questions
Question

LLL Company is listed on its country’s stock exchange. The following individuals serve on the board of directors:

Asif is a non-executive director and is the chairman of the company.
Bertrand is the CEO and is responsible for the day-to-day running of the company.
Chan is a professional accountant and serves as a non-executive director.
Donna is the finance director and is an employee of the company.
Esther is a legal advocate and serves as a non-executive director.
Frederik is the marketing director of a manufacturing company and serves as a non-executive director.

a. Which of the following is the most appropriate composition of directors for LLL Company’s audit committee? Discuss the reasons for the recommended structure of the audit committee
A.    Chan, Donna and Esther
B.    Asif, Bertrand and Frederik
C.    Asif, Esther and Frederik
D.    Chan, Esther and Frederik                                                      

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Types of business entities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage