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Lesson 5 - Name Jay Patadia Enrollment Number 688430 Course...

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Name: Jay Patadia Enrollment Number: 688430 Course Number: ACCT 3222Z Lesson 5 5-5 What is an audit committee and what are its responsibilities? - Audit committee is a subcommittee of the board of directors that is responsible for financial reporting and disclosure process. - Responsibilities of audit committee: o The audit committee should also interact with internal audit function. o The audit committee should meet with the external auditor before the engagement starts to discuss the auditor’s responsibilities and significant accounting policies. o The audit committee may also provide limited input into the scope of the auditor’s work, such as requesting that the external auditor visit certain locations. o The audit committee is also responsible to engage the external or internal auditors to conduct special investigations. 5-9 What are the three general types of audit tests? Define each type of audit test and give two examples.
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