Assume that management had determined that its organization's audit committee is not effective. For example,...
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Accounting
Assume that management had determined that its organization's audit committee is not effective. For example, Lehman Brothers, Inc., had weak directorswith little financial knowledge, and those directors were not independent of management. How do the weaknesses in audit committee affect management's evaluation of internal control over financial reporting? Would an ineffective audit committee constitute a materal weakness in internal control oer financial reporting? State the rationale for your response.
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