Which of the following is true of the audit committee? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. it is composed of stockholders of the corporation. b It is required to issue annually an opinion of the accuracy of the company's financial statements. It is composed of the external auditors of the company as well as the company's lead Internal Auditor. d It has the responsibility for auditing the company's financial statements annually. e It is the same as the Internal Audit Department of a company. Pl Eu Which of the following correctly describes "internal controls"? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Governmental controls required to be followed by all companies. b Systems and procedures which improve efficiency within the company and help protect the company's assets. All of the laws and regulations in place which impact how the company operates. The controls set by the external auditors. e Rules established by professional societies applicable to companies in their industry