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Sir I found this line in my study text:
“One of the objectives of audit committee is assisting directors(particularly executive directors) in meeting their responsibilities in respect of financial reporting.”
Sir won’t this lead to self review threat?
I mean if the financial reporting is done somewhat by audit committee (AC), so then when it’s reviewing the work of internal auditors, the AC would be biased in its judgement and not perform a thorough review if internal auditor’s work is in concurrence with their own(on FR).
It’s the scrutiny of the audit committee including challenging the directors on the financial statements that assists the directors in discharging their responsibilities with regard to the financial statements – namely that they should show a “true and fair view”/”present fairly”.
The audit committee doesn’t “do” financial reporting.