Members of the audit committee are responsible for each of the following except for:
A) Considering risks identified by the external auditor
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 lies with the external auditor, not the audit committee. Therefore, option D is not a responsibility of the audit committee. Options A, B, and C are all responsibilities of the audit committee.

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