In the absence of an audit committee, the board of directors is responsible for the oversight of the financial reporting for the entity, including selection of the nominated auditor to be voted on by shareholders at a general meeting.

Question

Quizplus · Accepted Answer

In the absence of an audit committee, the responsibility for oversight of financial reporting processes, internal controls, and the selection of the external auditor to be recommended to shareholders for approval typically falls to the board of directors. This ensures that there is oversight and accountability in the financial reporting process, even without a dedicated audit committee.

In the Absence of an Audit Committee, the Board of Directors