Question: Problem 3 1 : Section 3 0 1 of the Sarbanes - Oxley Act requires that public companies have an audit committee. Independent auditors are

Problem 31: 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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