According to SOX,at Least One Member of the Audit Committee

question 16

True/False

According to SOX,at least one member of the audit committee should be a financial expert.

Comprehend the role of research and analysis in new product development.

Identify factors influencing new product success or failure.

Recognize the importance of targeting and positioning in the product launch phase.

Understand the significance of design and innovation in product development.

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Definitions:

Undue Influence

A situation where an individual is able to influence another person's decisions due to a special relationship, often leading to unfair advantages.

Ratification

The adoption or affirmance by a person of a prior act that did not bind him.

Mutual Mistake

A misunderstanding between all parties of a contract regarding the basic facts or terms of the contract, which can make the agreement voidable.

Unilateral Mistake

A misunderstanding or error made by one party in a contract, which may not necessarily void the contract.