Explanation:
Statements II and IV are not the roles of the audit committee. It is the responsibility of the compensation committee to ensure that the remuneration of key management aligns with the goals of other stakeholders. The risk committee is responsible for ensuring that strategies put forth by the management are focused on economic profits rather than accounting profits. Statements I, III, and V are core responsibilities of the audit committee.
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Q.53 Which of the following are the roles of the audit committee?
I. Members must have the knowledge of basic accounting principles under US GAAP and IFRS II. Ensuring that the remuneration of key management aligns with the goals of other stakeholders III. Ensuring reasonable accuracy of the organization's financial statements IV. Ensuring that management strategies are focused on economic profits V. Ensuring that the organization has taken measures to avoid misstated errors and fraud
A
I, II and IV
B
III, IV, and V
C
I, III and V
D
II, III and IV
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