Question 1 (4 points) Which of the following is not a responsibility of the audit committee? Gain the input of outside experts when needed o Develop internal accounting controls Select and appoint the external auditors and review the results of the audit o Review the internal audit department Review the annual audit plan O All of these are responsibilities of the audit committee Question 2 (4 points) Dodd-Frank recommended that publicly held companies establish audit committees, and increased audit committee responsibilities. True False Question 3 (4 points) Rodney, a CPA, is a good son, who prepares his parents tax return gratuitously. Therefore, he is a tax return preparer, and has a duty to inform his parents of errors in a previously filed return. True False Question 4 (4 points) The role of the Board of Directors is considered to be consistent and should not change based on a company's strategic challenges, or the challenges of the industry in which it operates. True False