1. Describe the main functions of the audit committee as an oversight board. 2. Explain the importance of the audit committee’s independence in performing its activities. 3. Define the terms...

1. Describe the main functions of the audit committee as an oversight board.

2. Explain the importance of the audit committee’s independence in performing its activities.

3. Define the terms ‘insiders’ and ‘outsiders’ with reference to corporate board members.

4. What are the conclusions of empirical studies on audit committee independence?

5. What are the major oversight roles of the audit committee in corporate financial reporting?