The functions of an audit committee may include the following: (SELECT 6 OF THE FOLLOWING OPTIONS)

A. Approve the language in the independent auditor's management letter by providing feedback and providing documentation to support any negative comments.

B. Meet with the independent auditor and discuss any questions in the auditor's engagement letter, excluding fee arrangements set by the board.

C. Review the annual financial statements before submission to the full board of directors for approval.

D. Assist in selecting the company's scope of the audit engagement.

E. Review independent auditor's observations of financial and accounting personnel.

F. Prepare the independent auditor's overall audit plan's general audit procedures based off of the indpendent auditor's scope.

G. Review the company's accounting, financial, and operating controls.

H. Determine the impact of proposed pronouncements by the accounting profession or regulatory bodies to determine if legal issues might arise.

I. Review the independent auditor's evaluation of the company's internal controls.

J. Review the reports of internal audit staff.

K. Approve interim financial reports to shareholders after they are approved by the board of directors.

L. Participate in the selection and establishment of accounting policies; review the accounting for specific items or transactions as well as alternative treatments and their effects.