The Audit Committee of a Private Company Need Not Approve

question 42

True/False

The audit committee of a private company need not approve all non-audit services provided by the company's financial statement auditor.

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Definitions:

Government

The system or group of people governing an organized community, often a state or nation.

External Benefit

A positive effect or advantage that results from a product or service's production or consumption, which affects third parties not directly involved in the transaction.

Tax

A financial charge imposed by a government on individuals or entities, primarily to raise revenue for public expenditures.

Activity

Engagements or actions undertaken by individuals, businesses, or economies, often implying economic transactions or movements.