The SEC proposal on audit committees did not require:
A) the audit committee to be directly responsible for the hiring of an independent auditor.
B) the audit committee to be directly responsible for the oversight of an independent auditor.
C) the audit committee to be directly responsible for the internal auditor.
D) the names of the committee members to be disclosed in the annual report.

Question

Quizplus · Accepted Answer

The SEC proposal on audit committees specifically required the audit committee to be directly responsible for the hiring and oversight of an independent auditor, and for the names of the committee members to be disclosed in the annual report. It did not require the audit committee to be directly responsible for the internal auditor, as the internal audit function is typically overseen by management with oversight from the audit committee.

The SEC Proposal on Audit Committees Did Not Require