LMU Importance of The Audit Committee Essay

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Leeds Metropolitan University

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Please use sources within 5 years.

Not an essay, only respond to the below.

  • Examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee’s responsibilities regarding risk assessment and internal control monitoring. Indicate whether the audit committee is the best entity to perform the function.
  • Contrast the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.
  • Examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee’s responsibilities regarding risk assessment and internal control monitoring. Indicate whether the audit committee is the best entity to perform the function.
  • Contrast the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.

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    Explanation & Answer

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    Running head: INTERNAL CONTROL

    1

    Internal control
    Name:
    Institution

    INTERNAL CONTROL

    2

    Examine the importance of the audit committee oversight related to the quality of
    the internal controls of an organization. Analyze the audit committee’s responsibilities
    regarding risk assessment and internal control monitoring. Indicate whether the audit
    committee is the best entity to perform the function.
    The audit committee is a sub-committee created by the board of directors and plays a
    crucial role in developing and monitoring corporate governance practices. Audit committees
    ensure that there high efficacy in internal controls and quality in accounting procedures. The
    committee appraises essential issues in accounting procedures and current professional and
    regulatory changes to assess possible effects on financial records. The audit committee controls
    and manages the financial reporting procedures of the...


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