Trumpeter Corporation Is a Small Publicly Traded Company That Specializes

Essay

Trumpeter Corporation is a small publicly traded company that specializes in the restoration and sale of fine musical instruments. The audit committee is made up of a CEO from a technology company, a college accounting professor, and a local marketing executive. All are sufficiently independent from management. Members of the audit committee meet three times a year. Each time they meet, a different member, who chooses the topics to discuss, leads the meeting. The audit committee then sends the minutes of its meetings to the entity's CFO. Solely from this information, what are your conclusions about this audit committee's role within the control environment?