Which of the following statements regarding an audit committee is not true?
A)An audit committee is set up to oversee accounting and financial reporting.
B)An audit committee has a mandate to cover a wide range of assurance activities including those not related to financial reporting.
C)An audit committee is responsible for considering the effectiveness of the company's internal control system,including information technology security and control.
D)All ASX listed companies must have an audit committee.

Question

Quizplus · Accepted Answer

Not all ASX listed companies are required to have an audit committee; it is generally required for larger companies, but smaller companies may not be mandated to have one.

Which of the Following Statements Regarding an Audit Committee Is