Which of the following is NOT an important consideration for the auditor's assessment of audit committee effectiveness? 1) The audit committee's responsiveness to issues raised by the external auditors. 2) The audit committee's oversight of external financial reporting and ICFR. 3) The audit committee's approval of the external auditors' approach to the audit. 4) Independence of audit committee members from management. An audit is a project with a beginning, middle, and end. Financial analysis is performed - to identify risks of misstatement at the beginning of the project, - in the middle as a substantive test to provide evidence to support balances, - and at the end to determine that the final ratios support the overall financial story as discovered through the audit work. 1) True. 2) False