What is an audit committee?
A. It is a group of audit firms that develop national or international standards for auditing practice.
B. It is a subset of a corporate board of directors with oversight of the auditing function.
C. It is the team of external auditors (i.e. CPAs) that conducts audit testing and prepares the audit report.
D. It is a management group responsible for negotiating the audit engagement with a public accounting firm.
Answer:B
What is an audit committee?
A. It is a group of audit firms that develop national or international standards for auditing practice. B. It is a subset of a corporate board of directors with oversight of the auditing function. C. It is the team of external auditors (i.e. CPAs) that conducts audit testing and prepares the audit report. D. It is a management group responsible for negotiating the audit engagement with a public accounting firm.