A $6 billion privately-held consumer products company has approached you to help them implement an audit committee charter and to identify the elements needed to develop an effective audit committee.

Required
a. Identify the major stakeholders, in addition to the stockholders (usually a family), who would be likely candidates to serve on the company’s audit committee.
b. Identify the key attributes that should be used in choosing audit committee members.
c. An audit committee ought to have an effective information system. Prepare an outline of an effective information system for an audit committee. Use the following format:
Information Frequency Source of
Required Needed the Information