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Audit committees consist of executive directors. True or False?

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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/02/18
MUHAMMAD ETIMAD SYED
by MUHAMMAD ETIMAD SYED , Senior Financial Accountant , TA'AZ Group of Companies

This statement is FALSE.

 

Members of the Audit Committee of an entity consist of elected directors elected by the Shareholder in Annual General Meeting. However, an exective director, having expertise in Finance and Audit, can be a part of the Audit Committee.

Mohammad Islam
by Mohammad Islam , Supervisor, Finance , Alberta Health Services

The statement is False. An audit committee usually consists of board of directors, and chairperson is selected among the members.

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