Your friend works in the Compliance department of a large, publicly traded company. He thinks that the Audit Committee function makes no sense. For example, he argues that the Audit Committee members are just "overhead figures" who hire the external auditors, not accounting management (but that accounting management should). After all, accounting management's livelihood is ultimately impacted by the audit results so they should be involved in the decision-making process of who the auditor should be. Which of the following statements is false about the audit committee? Group of answer choices Each member of the audit committee is part of the board of directors. One element of independence for an audit committee member is that they cannot be an employee of the company they are serving in this role. The audit committee should be independent because their audit results could be biased toward accounting management if they were hired by management. All of the above are true