1. Some common practices suggest that audit committees ascertain to do the following:

Single choice.

A. Gain support and direction from the entire board of directors

B. Use agendas and follow formal work programs; keep minutes of meeting and distribute them to the full board of directors, schedule meetings in advance so participants have time to prepare

C. Have at lest three members, but not too many more so that all members can be active participants

D. Ensure that the committee is comprised of the "right" individuals. Define the members' responsibilities and expect members who no longer contribute appropriately to step down. Ensure that all members are independent of management, financially literate, and engaged

E. All of these

24.

Audit committees provide independent oversight over

Single choice.

A. Companies' financial reporting processes

B. internal controls

C. independent auditors

D. All of these