The audit committee appoints the board of directors,which in turn performs an independent audit of the company's records.

Question

Quizplus · Accepted Answer

This statement is incorrect. The board of directors is typically appointed by the shareholders or owners of the company, and they oversee the company's management and financial reporting, including hiring an external auditor to perform an independent audit of the company's records. The audit committee is a subcommittee of the board of directors, responsible for overseeing the audit process and providing an additional layer of assurance that the company's financial reporting is accurate and reliable.

The Audit Committee Appoints the Board of Directors,which in Turn