Response to the following problem:
Audit committees of public companies have many responsibilities in today's financial reporting environment. Visit the Web site of Microsoft Corporation and locate the Audit Committee's Charter under the "Investor Relations" link to answer the following questions.
Required:
a. What is the primary purpose of the Microsoft Audit Committee?
b. What responsibility, if any, does the Audit Committee have in regards to the engagement of the external auditor?
c. At a minimum, how often will the Audit Committee meet in a given year?
d. With whom does the Audit Committee meet in executive session? Describe your views about why these sessions are conducted.