Which of the following statements regarding the role of the firm's audit committee is most accurate? At least one member of the audit committee must possess sufficient financial knowledge. The audit committee is meant to work dependently with management. The audit is only responsible for the accuracy of the financial statements. The audit committee may consist of some members of the management team. In the risk management process, which of the following option(s) is/are correct? I. Measurement is the last step of the process. II. Monitoring is the second step of process. III. Identification is the first step of the process. IV. The assessment step comes right after the measurement step. II and IV I, II and III II only III and IV What is the most accurate statement on the difference between a forward and a future derivative instrument? A forward can have a long and a short counterparty in the trade, while a future only has short positions. A forward instrument is not as standardised as a future when it comes to quality, quantity, delivery time, and location. A forward is a future obligation to deliver and a future is a right to deliver. A forward is traded on a regulated exchange, while a future is always traded over-the-counter (OTC)