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Investors have a duty to determine whether the board has properly established committees of independent board members to help carry out various board functions. Which of the following statements about the “audit committee” is least accurate? A. Firm management is responsible for hiring and supervising the independent external auditors, but the audit committee has strict oversight responsibilities. B. The audit committee should ensure that the audit is conducted consistent with generally accepted auditing standards (GAAS). C. The audit committee should ensure that the independent auditors have authority over the audit of the entire corporate group, which includes foreign subs and affiliates. |