The audit committee of an entity subject to SEC regulation will do all of the following except:
A) Be responsible for agreeing to fee compensation of the independent audit firm.
B) Certify the annual financial statements.
C) Be comprised only of individuals who are not members of management.
D) Approve non-audit services provided by the independent audit firm.
E) Serve as liaison between the board of directors and the independent audit firm.

Question

Quizplus · Accepted Answer

The audit committee does not certify the annual financial statements; this is the responsibility of management and the independent auditors.

The Audit Committee of an Entity Subject to SEC Regulation