Required 4-24 (OBJECTIVE 4-6) The U.S. national stock exchanges require listed companies to have an independent audit committee. a. Describe what an audit committee is and the composition of such committees. b. Is it necessary for any company to have an accountant in their audit committee? c. Outline the job description of an audit committee under the Sarbanes-Oxley Act. d. Jonathan was an audit manager at Chan, Mariam and Chan who involved in the statu- tory audit of Blank Cassettes Inc, a listed technology company on the New York Stock Exchange. He applied to join to Blank Cassettes Inc as the Finance Director in charge of general accounting. Should Blank Cassettes Inc consider Jonathan's job application? e. Michelle was the audit manager at Goligal Associates who happens to be the exter- nal auditor of Desire Records Inc. Michelle fell in love with the youngest son of the founder of Desire Records Inc. The founder is a large single shareholder holding 30% of the company stock. After the wedding, Michelle's father-in-law suggested that Michelle become the chief financial officer of the company. What is the legal implication of Goligal Associates if they continue to service Desire Records Inc.? Part 1 / THE AUDITING PROFESSION