Question: Assume that management had determined that its organization s audit committee
Assume that management had determined that its organization's audit committee is not effective. For example, Lehman Brothers, Inc., had weak directors with little financial knowledge, and those directors were not independent of management. How do the weaknesses in audit committee affect management's evaluation of internal control over financial reporting? Would an ineffective audit committee constitute a material weakness in internal control over financial reporting? State the rationale for your response.
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