Which Statement Is Incorrect

question 22

Multiple Choice

Which statement is incorrect?

• A) An audit committee acts as a corporate governance device.
• B) An audit committee helps to ensure the independence of the internal audit process.
• C) In Australia large companies must have an audit committee.
• D) The audit committee should strive to ensure continual improvement in accountability.

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Definitions:

Rational Basis

A standard of review used by courts to evaluate government laws and actions to ensure they are rationally related to a legitimate government interest.

Protracted Negotiations

Extended or lengthy discussions aimed at reaching an agreement, often complex and involving multiple issues or parties.

Corporate Records

Official documents and records maintained by a corporation, including minutes of meetings, financial records, and legal documents.

Certifies Authentic

Verifies the genuineness or truth of a document, object, or claim.