Joseph Josephs is completing his audit of the Bolton Company’s current year’s financial statements and believes that he should communicate his results with members of Bolton’s audit committee. But, despite many requests for many years, Bolton has established no such committee—primarily since it has only two stockholders. Does the lack of an (independent or other type of) audit committee impair Joseph from completing the audit?

Using AICPA Clarified Statements on Auditing Standards (SASs) to reference Example "AUC- sec."