Audit committees of public companies have many responsibilities in today's financial reporting environment. Among those responsibilities are hiring the company's external audit firm, overseeing the company's financial reporting processes, meeting with management to understand decisions around accounting and auditing matters and so forth. Microsoft Corporation has made information about its audit committee available on its website. Navigate to Microsoft's website and search for "audit committee." Answer the following problems in response to your research on their website.
1. What are the committee's responsibilities related to financial and business risks?
2. How many times does the committee meet on an annual basis?
3. What authority does the committee have in carrying out its responsibilities?