Critically analyse the following statement:

In obtaining an understanding of a client's control environment relevant to financial reporting, the composition of the audit committee (AC) and the internal audit function (IAF) are of minimal relevance to the external auditor.

(i) Briefly outline the contemporary roles of the AC and the IAF

(ii) State your position on the above statement

(iii)Provide two (2) reasons to support your position in relation to the relevance (or lack thereof) of the AC's and IAF's composition in the obtaining an understanding of a client's control environment relevant to financial reporting.

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