Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Question
Chapter 11, Problem 3MCQ
To determine
Identify the members of audit committee.
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Question: In corporate governance, what is the primary function of an audit committee? A)
Financial statement preparation B) Internal control evaluation C) Marketing strategy
development D) Employee training and development
An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c. Composed of members of a company’s board of directors who are not involved in theday-to-day operations of the company.d. A committee composed of persons not associating in any way with the client or the boardof directors.
The internal auditing staff of a large corporation usually reports to a committee of the board of directors, to a member of the top management group, or
both.
True or False
True
False
Chapter 11 Solutions
Financial Accounting
Ch. 11 - Describe why earnings is such an important number.Ch. 11 - Prob. 2YTCh. 11 - Prob. 3YTCh. 11 - Prob. 4YTCh. 11 - Prob. 5YTCh. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5Q
Ch. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10QCh. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Prob. 13QCh. 11 - Prob. 1MCQCh. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1SECh. 11 - How do you think analysts evaluate the quality of...Ch. 11 - Prob. 3SECh. 11 - Prob. 4SECh. 11 - Prob. 5SECh. 11 - Prob. 6SECh. 11 - Prob. 7SECh. 11 - Prob. 8SECh. 11 - Prob. 9SECh. 11 - Prob. 10SECh. 11 - Prob. 11SECh. 11 - How does U.S. GAAP differ from IFRS in the way...Ch. 11 - Prob. 13SECh. 11 - Prob. 14ECh. 11 - Loder Company had a good year, and recorded a...Ch. 11 - Mismatch Company had a terrible year and will...Ch. 11 - Chip Company is making estimates of had debts and...Ch. 11 - Prob. 1IECh. 11 - Prob. 2IECh. 11 - Prob. 3IE
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Similar questions
- g. In general, internal auditors' independence will be greatest when they report directly to the: Multiple Choice O Financial vice president. Corporate controller. Audit committee of the board of directors. Stockholders.arrow_forwardThe committee of the board of directors who is in charge of monitoring circumstances that might prevent the entity from achieving their objectives Group of answer choices Management committee Audit committee Compensation committee Risk committeearrow_forwardThe authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Governmentarrow_forward
- 4. As per the guidelines of corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to identify from the following any one drawback an audit committee? a. Broader skills within the board b. More trust in the credibility of the audit report c. Better position for the entity if looking to obtain a listing d. Difficult to find Audit Committee members with the relevant qualification, skill and experiencearrow_forwardWhich of the following is NOT one of the roles of an audit committee? Which of the following is NOT one of the roles of an audit committee? reviewing the work of the internal audit ensuring that appropriate resources are used in company operations reviewing systems of internal control. launching special investigations of employees, company practices, or proceduresarrow_forwardWhich of the below roles is NOT performed by a management accountant? Planning short run operations Implementing corporate governance Controlling operations Providing information for the preparation of statutory financial statementsarrow_forward
- Who makes recommendations in relation to appointment, reappointment and removal of external auditor? Management Shareholders Audit Committee Board of Directorsarrow_forwardWhich of the following statement is not related to role of audit committee? Approve remuneration and terms of engagement of the external auditor Monitor and review the effectiveness of the company’s internal control Monitor the integrity of the company’s financial statements To prepare the financial statement of the company in timearrow_forwardTRUE OR FALSE In executing their governance responsibilities, audit committees frequently interact with other stakeholders, in addition to the internal and independent auditors. * An internal auditor should have no personal or professional involvement with the area being audited. * Audit committees of listed companies are directly responsible for the appointment, compensation, and oversight of the independent auditor, including the resolution of any disagreements with management. *arrow_forward
- a) One of the objectives of a system of corporate governance is to secure the effective, sound and efficient operation of companies. This objective transcends any legislation or voluntary code. Good corporate governance embraces not only making the company prosper but also doing business in a legal and ethical manner. A key element of corporate governance is the audit committee. The Audit Committee is a committee of the board of directors and is of a voluntary nature regulated by voluntary codes. i) Explain how an audit committee could improve its effectiveness on internal auditor's internal control review and oversight work. i) Discuss the problems associated with initiatives that been put forward to ensure independence of members of audit committeearrow_forwardWhich of the following is NOT a dimension of corporate governance: Select one: a. Suppliers b. Board of directors c. Auditors d. Shareholdersarrow_forwardWhich of the following does NOT form part of the objectives of a corporate governance best practice framework? Separation of chairperson and CEO roles Establishment of audit, nomination and remuneration committees O Minimisation of risk Employment of non-executive directorsarrow_forward
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