The principal responsibilities of the audit committee are to

Question

Quizplus · Accepted Answer

The principal responsibilities of the audit committee are to review and monitor the process of financial reporting to ensure that the published financial statements are not misleading. They are responsible for overseeing the work of auditors, but not for hiring them. Negotiating with the IRS is the responsibility of the company's legal team, not the audit committee. The audit committee does not hire the CFO, but they may be involved in monitoring that person's work. Therefore, option C is the best answer as it correctly highlights the main responsibility of the audit committee.

The Principal Responsibilities of the Audit Committee Are to