Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee. Independent auditors are

Question:

Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee. Independent auditors are increasingly involved with audit committees.

Required:

a. Describe what an audit committee is.

b. Identify the reasons why audit committees have been formed and are currently in operation.

c. Describe the functions of an audit committee.

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Related Book For answer-question

Auditing & Assurance Services A Systematic Approach

ISBN: 978-1260687637

11th Edition

Authors: William F Messier Jr, Steven M Glover, Douglas F Prawitt

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Question Posted: Apr 09, 2019 08:50 AM

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Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee. Independent auditors are

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Step by Step Answer:

a An audit committee is a subcommittee of the board of directors that is responsible for the financial reporting and disclosure process Audit committe...View the full answer

Auditing & Assurance Services A Systematic Approach

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