Ghana Sugar Company Limited a private company has been in operation for many years. Owing to a rising need to raise additional capital the shareholders have passed a resolution to convert the company into a public company and list it on the Ghana Stock Exchange. You have been contracted to help the Directors to carry the resolution through. During your preliminary discussion with the Directors you realised that they were not very conversant with the listing rules of the Ghana Stock Exchange and you drew their attention to the establishment of an Audit Committee as a condition for listing on the Ghana Stock Exchange. The Directors agreed to discuss the establishment of the Audit committee at the next emergency meeting and invited you to be present. You are required to: a) Recommend the composition of the audit committee and describe its responsibilities to the Directors. b) Explain how an audit committee could improve the effectiveness of the work of the external auditor. Some audit committees are expanding their functions to include oversight over risk management processes. c) Explain two risk management practices the audit committee can put in place to mitigate the risks of a company