Which of the following statements is not one of the roles of the audit committee?

a. Oversees the accounting and financial reporting process and the financial statement audits.

b. Establishes a whistleblower program.

c. Appoint, compensate, and oversees the external auditor.

d. Set the budget for the internal audit activities.

According to the AICPA's ethical standards, an auditor would be considered independent in which of the following instances?

a. The auditor has an automobile loan from a client bank.

b. The auditor is also an attorney who advises the client as its general counsel.

c. An employee of the auditor donates service as treasurer to a charitable organization that is a client.

d. The client owes the auditor fees for two consecutive annual audits.