Which of the following is not a specific responsibility of an audit committee as mandated by the NYSE?
A)Discussing the company's financial statements with the external auditor.
B)Setting hiring policies for former employees of the external auditor.
C)Creating and implementing internal controls.
D)Discussing financial information provided to analysts.

Question

Quizplus · Accepted Answer

Creating and implementing internal controls is typically the responsibility of management, not the audit committee. The audit committee's role involves oversight of the financial reporting process, the audit process, the company's system of internal controls, and compliance with laws and regulations, but not the creation and implementation of internal controls.

Which of the Following Is Not a Specific Responsibility of an Audit