Members of the audit committee are responsible for each of the following except for:
A)Evaluating management's identification of fraud risks
B)Assessing whether management has set the appropriate ethical tone for the organization
C)Discussing with the external auditors financial reporting matters of concern
D)Rendering an audit opinion after examining the entity's financial statements and internal controls

Question

Quizplus · Accepted Answer

The responsibility of rendering an audit opinion after examining the entity's financial statements and internal controls lies with the external auditors. The audit committee's role is to oversee and provide independent oversight of the financial reporting process, evaluate the external auditors' performance, assess whether management has set the appropriate ethical tone for the organization, and discuss financial reporting matters of concern with the external auditors. However, the audit committee is not responsible for rendering an audit opinion.

Members of the Audit Committee Are Responsible for Each of the Following