Audit Committee: Role & Responsibilities


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question 1 of 3

Which of these duties is performed by the Audit Committee

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1. Why is it important the Audit Committee members have the right expertise and qualifications for the job?

2. What could happen if Audit Committee members don't perform their job?

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About This Quiz & Worksheet

A quiz and worksheet will evaluate your perception of Audit Committees. Study points from the lesson you will have to know implicate duties and will determine the responsibilities of an Audit Committee.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Understand what could potentially happen should an Audit Committee fail to do their job
  • Name the employees hired to monitor activities of said committee
  • Pick out from a list certain responsibilities that do not belong

Skills Practiced

Here are a few of the skills that you can practice with these assessments:

  • Critical thinking - apply relevant concepts to examine information about the duties of an Audit Committee in a different light
  • Interpreting information - verify that you can read information regarding why these committees should contain members who are qualified for the job
  • Information recall - access the knowledge you've gained regarding what could happen if committee members don't do their job

Additional Learning

Want to read more about Audit Committees? This lesson called Audit Committee: Role & Responsibilities will magnify your acumen of this topic. The lesson integrates these study points:

  • Understand the role of a Board of Directors
  • Define financial health
  • Learn accounting rules and regulations
  • Identify due diligence and checks and balances
  • Determine what it means to govern financial aspects
  • Recognize how investors can sue and why