The group that has oversight over the financial reporting process of a company is called the
A)Audit Committee
B)Financial Oversight Committee
C)Financial Reporting Committee
D)Financial Accounting Standards Board

Question

Quizplus · Accepted Answer

The audit committee is responsible for reviewing and overseeing the financial reporting process of a company, including the accuracy and integrity of financial statements, independent auditor qualifications and independence, and compliance with legal and regulatory requirements. The other options listed do not have direct oversight over the financial reporting process. The Financial Oversight Committee and Financial Reporting Committee are not typically used to describe formal committees within a company's organizational structure, but rather may refer to broader government or industry groups focused on financial oversight or reporting issues. The Financial Accounting Standards Board (FASB) is responsible for establishing and interpreting accounting standards, but does not have direct oversight over the financial reporting process of individual companies.

The Group That Has Oversight Over the Financial Reporting Process