a.
Introduction: Audit committee is a sub-committee of board of directors which is responsible for providing an oversight to the financial reporting process. Audit committee acts as an intermediary between external auditors of the company and the management to resolve areas of conflict amongst them.
To explain: The changes in audit committee membership and duties mandated by the Sarbanes Oxley Act. Also, explained the increased responsibilities of audit committee due to Sarbanes Oxley Act.
b.
Introduction: Audit committee is a sub-committee of board of directors which is responsible for providing an oversight to the financial reporting process. Audit committee acts as an intermediary between external auditors of the company and the management to resolve areas of conflict amongst them.
To examine: the implications of ownership over relationship with external auditor on auditor and audit committee.
c.
Introduction: Audit committee is a sub-committee of board of directors which is responsible for providing an oversight to the financial reporting process. Audit committee acts as an intermediary between external auditors of the company and the management to resolve areas of conflict amongst them.
To explain: The responsibility of audit committee in case of a complex transaction not involving any reporting issue. Also, explain the skills or expertise required in such type of transaction.
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