The audit committee must be composed of outsiders such as the organization's attorney and audit partner.

Question

Quizplus · Accepted Answer

The audit committee must be composed of independent directors who are outsiders to the organization, but not necessarily the organization's attorney and audit partner. The purpose of having independent directors on the audit committee is to ensure objectivity and impartiality in financial reporting and internal control processes.

The Audit Committee Must Be Composed of Outsiders Such as the Organization's