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If an audit committee lacks financial reporting expert how will it increase the control risk ?
The “control environment” is a component of internal control and includes governance/management functions and the attitudes, AWARENESS and actions of TCWG/management concerning internal control.
The main role and responsibilities of the audit committee is to monitor the integrity of the financial statements and review internal financial controls (unless that is addressed by a separate board risk committee). How can the committee fulfil this role without expertise?
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