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Audit committees of public companies have many responsibilities

| April 7, 2017

Subject: Business    / Accounting

Audit committees of public companies have many responsibilities in today’s financial reporting environment. Among those responsibilities are hiring the company’s external audit firm, overseeing the company’s financial reporting processes, meeting with management to understand decisions around accounting and auditing matters and so forth. Microsoft Corporation has made information about its audit committee available on its website. Navigate to Microsoft’s website and search for “audit committee.” Answer the following questions in response to your research on their website.
1.What are the committee’s responsibilities related to financial and business risks?
2.How many times does the committee meet on an annual basis?
3.What authority does the committee have in carrying out its responsibilities?

Answer the three questions for Microsoft in a manner that demonstrates your understanding of the audit committee’s responsibilities for this company.

Locate one additional public company of your selection and answer the same three questions regarding the audit committee for that company.

Compare and contrast the stated responsibilities and uses of the audit committee for each company and state your findings in a two page paper. Make sure that you have answered the questions within your paper.

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