Partners and managers with consultation, oversight, or review responsibilities related to the engagement are covered members.

True or False

A committee of the board of directors responsible for oversight of internal controls, financial reporting and disclosure in the financial statements, regulatory compliance, and the companys independent auditors is/are called (a/an) ________.

executors

covered members

audit committee

dependents

Which of the following is an amount set by the auditor that is used to make decisions about the extent of audit procedures for a particular class of transaction, account balance, or disclosure?

Performance materiality

Qualitative materiality

Overall materiality

Planning materiality