Implementation of an audit committee to facilitate future

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Reference no: EM133378417

Question: DD's Board of Directors suggested an implementation of an Audit Committee to facilitate future audits. DD's CEO, Rhonda Olly, developed a proposal (Appendix IV) to implement governance best practices in terms of the role and responsibilities of an effective Audit Committee. Advise us if there are any deficiencies and what changes we should consider."

Proposed Members:

1. Rhonda Olly
2. DD's Accounting Manager
3. Representative from the firm conducting DD's audit
4. Caleb Patrick, Finance Department intern at DD
5. DD's Vice President of Marketing

Rhonda believes the proposed composition would ensure the Audit Committee is diverse and well-represented, with one member holding a CPA designation (the representative from the audit firm), and another pursuing it (Rhonda's nephew, Caleb). Rhonda would be responsible for nominating each member.

The Audit Committee would meet annually, and the meeting would be held a day or two before the audit takes place.

Reference no: EM133378417

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