Question: 3. Why is it important, from a governance perspective, to have independent outside directors on a board of directors? (10 points) 4. Audit committee is

3. Why is it important, from a governance perspective, to have independent outside directors on a board of directors? (10 points)

4. Audit committee is an important committee set up under Board of Director in an organization. Please describe:

(a) SECs requirement for the composition of audit committee (4 points), and

(b) the primary responsibilities of audit committee (8 points).

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