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Audit committee

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Audit committee

  • This topic has 2 replies, 2 voices, and was last updated 2 years ago by PurpleLotus.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • May 15, 2023 at 8:56 pm #684418
    PurpleLotus
    Participant
    • Topics: 16
    • Replies: 13
    • ☆

    An audit committee should:
    A consist of independent non?executive directors only
    B include at least one senior member of the internal audit team
    C include one member from the external audit firm
    D carry out a detailed review of critical elements of the balance sheet

    Answer: A

    Hello Sir. If he committee consists only of independent NED is it assuming that one of them would be a financial expert as well?

    May 16, 2023 at 8:46 am #684438
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10597
    • ☆☆☆☆☆

    Yes. From the UK Corporate Governance code:

    The board should establish an audit committee of independent non-executive directors…. The chair of the board should not be a member. The board should satisfy itself that at least one
    member has recent and relevant financial experience. The committee as a whole shall have competence relevant to the sector in which the company operates.

    June 11, 2023 at 7:08 pm #686810
    PurpleLotus
    Participant
    • Topics: 16
    • Replies: 13
    • ☆

    thank you Sir!

  • Author
    Posts
Viewing 3 posts - 1 through 3 (of 3 total)
  • The topic ‘Audit committee’ is closed to new replies.

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